Veritas exits stake in defence contractor

Veritas Capital has sold defence contractor Athena Innovative Solutions to CACI International for an undisclosed amount.

Veritas Capital has sold its stake in defence contractor Athena Innovative Solutions to CACI International, a provider of IT services in the areas of national security, intelligence and e-government. Terms of the deal were not disclosed.

Veritas, a New York firm focussed on the defence and federal sectors, created Athena out of assets acquired in October 2005 from defence contractor MZM. The acquisition occurred shortly after MZM's owner, Mitchell Wade, was found to have given former congressman Randy “Duke” Cunningham $2.4 million (€1.7 million) in bribes in exchange for official favors.

Veritas changed MZM's name to Athena, but kept many of the original contracts. The firm provides training and support relating to intelligence, counterterrorism, biometrics, law enforcement and security. Athena's revenue for 2007 is projected to be $110 million.

Veritas' past investments include DynCorp, a private security firm active in Iraq; McNeil Technologies, an administrative and managerial support contractor used in Iraq reconstruction projects; and Integrated Defense Technologies, a maker of combat simulation systems and aircraft radar.