Information technology company Leidos has entered into an agreement to acquire the 1901 Group, a Reston-based firm with offices in Blacksburg and Abingdon.
Reston company Leidos to acquire 1901 Group
Leidos, which also provides engineering and science services, announced the acquisition agreement Thursday afternoon. The company stated that it expects to fund the $215 million purchase price with cash on hand. The deal, expected to close during the first quarter of 2021, is subject to the satisfaction of conditions such as the receipt of regulatory approvals.
Leidos, a Fortune 500 company, said acquisition will expand its ability to address the accelerating cloud and IT services markets.
“We are pleased to welcome 1901 Group’s team of digital transformation experts who share Leidos’ commitment to making the world safer, healthier and more efficient through IT,” said Leidos chairman and CEO Roger Krone. “Together, we will be better positioned to continue successfully providing these critical solutions while navigating growing trends in the IT marketplace.”
Also headquartered in Reston, Leidos employs approximately 38,000 people and its clients include both government and commercial customers.
The 1901 Group launched in 2009 with a headquarters in Northern Virginia and what was then a small office at the Virginia Tech Corporate Research Center. The technology services company’s founder and CEO Sonu Singh graduated from Blacksburg High School and attended Virginia Tech.
To learn more, check out the whole article below.