Cheltenham-based software firm acquired as part of $105million triple purchase by American giant
By James Young | 31st October 2019
Cheltenham-based software specialists Deep3 have been bought by an American giant as part of a $105 million tranche of acquisitions.
CACI Ltd, an information systems and marketing solutions provider who have a yearly turnover of $1.3billion, announced the move when revealing its first quarter results yesterday.
Deep3, who have their head office in Rodney Road, provides secure by design application, cloud development, data engineering and digital transformation services to the national security sector.
Established in 2014, the firm employ 70 staff across three sites in the UK, with branch offices in Manchester and London as well as their Cheltenham base.
CACI announced the deal saying they had "acquired mission critical software engineering specialist Deep 3"
They are one of three firms acquired in October by CACI, alongside Next Century Corporation and Linndustries Sheilding Specialities - also called "mission technology" companies.
In a statement CACI said: "The aggregate purchase price was approximately $105million" and that they would add "approximately $50million of revenue and $3 million of net income for the remainder of the fiscal year.
"As part of the CACI family, they join forces with CACI's leading defence and national security technology team within the Information Intelligence Group, the announcement added.
"Together, they will continue to serve their customers with leading-edge consultancy, software engineering, cyber-security and digital transformation solutions in this important sector.
Greg Bradford, CEO, CACI, said: "We're delighted to welcome the Deep3 team and their exceptionally rigorous software engineering mindset.
"Their leading position in this challenging industry sector is a mark of their capability and calibre.
"We have common core values and a shared culture - a collaborative workstyle, a focus on solving real-world problems and a passion for deploying the best and most secure technology solutions.
"This makes the Deep3 team a perfect fit and an important addition to our national security and intelligence business area."
Richard Yorke, co-founder and CEO of Deep3, added: "Joining forces with CACI gives us greater capacity, capability and support to provide scalable and adaptive solutions to organisations of national importance.
"We're excited and passionate about the potential for growth, innovation and to deepen our reputation under the CACI banner, supporting the mission to deliver industry-leading software products and services that work for the safety, security and prosperity of the UK."
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.