QinetiQ Group plc (LON:QQ) has announced it has reached an agreement to sell Boldon James Limited to HelpSystems International Limited for a consideration of £30m.
Boldon James provides data classification and secure email messaging solutions, and in the year ended 31 March 2020 generated revenue of £9.1m.
Boldon James was acquired by QinetiQ in 2007 and has been reported within Global Products. The decision to divest Boldon James was a strategic choice to allow increased focus on our core capabilities to deliver mission-led innovation; the cyber and information domain remains a strategic growth area for QinetiQ where we see good opportunities.
Steve Wadey, QinetiQ Group CEO, said:
“Our vision-based strategy to drive growth through mission-led innovation means that we continually review our portfolio of businesses for their contribution to growth within the Group. We are therefore delighted to have announced the sale of Boldon James to HelpSystems, who can provide greater synergies and relevant market access to enable their future growth.”
Results International acted as exclusive financial advisor to QinetiQ.
