LONDON (ShareCast) - (Sharecast News) - Defence technology company Qinetiq said on Monday that it has entered "the next phase of growth in the US" after agreeing to operate all of the US defence and security operations for the US Defense Counterintelligence & Security Agency (DCSA) under a new special security agreement (SSA).
The agreement replaces the prior Proxy Agreement for the QinetiQ North America business and also covers all operations undertaken through the recent MTEQ acquisition. Qinetiq bought US-based MTEQ, a provider of advanced sensing solutions, last year.

Qinetiq said the SSA enables the bringing together of all of the company'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," it said.

Chief executive officer 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 SSA 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."

At 1610 BST, the shares were up 4% at 299.50p.

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