QinetiQ Signs "Profound And Positive" Security Deal With US Government

(Alliance News) - QinetiQ Group PLC said Monday it has signed an agreement with the US Defense ...

Alliance News 13 July, 2020 | 5:58PM
Email Form

(Alliance News) - QinetiQ Group PLC said Monday it has signed an agreement with the US Defense Counterintelligence & Security Agency to operate all of its US defence and security operations under a new special security agreement.

The US Defense Counterintelligence & Security is a federal agency that sits within the US Department of Defense.

The new agreement replaces the prior proxy agreement for the QinetiQ North America business and also covers all operations undertaken through its recent MTEQ acquisition, which was completed in December.

"The special security agreement enables the bringing together of all of QinetiQ's US defence and security operations under a single entity, QinetiQ Inc, and as a single QinetiQ brand. This agreement fundamentally changes and improves how QinetiQ approaches the largest defence market in the world and is a major milestone in the growth strategy for QinetiQ," the defence technology company said.

The new US business will be run by former MTEQ President & CEO Mary Williams.

The company added: "These aligned capabilities and support from the wider group are key to QinetiQ's US growth strategy, enabling QinetiQ to create a business focused on 'mission-led innovation'; a strategy that will deliver solutions critical to next generation warfighting capability for the US."

Chief Executive Steve Wadey said: "Building on the acquisition of MTEQ, this new special security agreement enables us to fundamentally reset the way we go to market as an integrated global defence and security company.

"The way we have come together as a new team, and worked with the DCSA, to achieve the signing of this vital change at pace is notable. The special security agreement will enable much greater levels of collaboration, making it easier to build integrated business capture teams and to leverage investment across the group. It will have a profound and positive impact on the way we work, building bigger propositions that add value to the US warfighter."

Shares in QinetiQ closed 3.8% higher in London on Monday at 298.80 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
QinetiQ Group PLC 238.80 GBX -2.29 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies