GTEC Completes the Acquisition of Signature Government Solutions, LLC
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Adds Intelligence Community customer depth and comprehensive capabilities in mission-systems IT, Cyber Security and Intelligence Analysis
MCLEAN, Va., Dec. 20, 2010 - Global Defense Technology & Systems, Inc. (Nasdaq: GTEC), a provider of mission-critical, technology-based systems, solutions and services for national security agencies and programs of the U.S. government, announced that on December 18, 2010, it completed the acquisition of Signature Government Solutions, LLC (SGS), for $52.5 million, in cash, exclusive of transaction fees and other adjustments as previously disclosed. GTEC funded the acquisition with its $100 million revolving credit facility. The deal is expected to be immediately accretive to GTEC's diluted earnings per share.
SGS, founded in 2003 and headquartered in Herndon, Virginia, has strong operating margins and expects to generate $37 million in revenue in 2010 with strong growth prospects for 2011 and beyond. All of its over 220 direct employees hold Top Secret/Sensitive Compartmented Information clearances or higher and, in addition to Northern Virginia, the company has a substantial operation in the Ft. Meade, Maryland area.
John Stolberg, SGS's Executive Vice President, who will stay and lead the business for GTEC stated, "We are very excited about the potential to bring a greater depth and breadth of technologies, capabilities and mission expertise to our customers as we combine forces with GTEC in the mission-critical national security marketplace. We are particularly energized about becoming part of GTEC, as their passion for the national security mission, customer focus, agility and pursuit of excellence in customer support and delivery makes for an excellent home and cultural match for our employees, and opens up exciting new opportunities for growth and development."
John Hillen, President & CEO of GTEC commented, "We welcome SGS to the GTEC family as they bring a new depth to GTEC's capabilities and customer footprint within the U.S. Intelligence Community. SGS's core competencies and past performance in information systems architecture, cyber security and network engineering reinforce our ambition to be the leading mid-sized defense technology company that delivers comprehensive, mission-critical solutions to support the most pressing needs of our national security clients."
About Signature Government Solutions, LLC
Signature Government Solutions, LLC (SGS) is a full-service IT and government solutions firm with a strong track record of past performance supporting mission-critical US intelligence, defense and law enforcement programs in highly secure environments. SGS has more than 200 cleared, highly skilled technical professionals with diverse backgrounds and broad experience in areas of: systems engineering, network engineering & telecommunications, IT security, intelligence analysis and solutions-based enterprise IT assessments. Learn more about SGS at www.signaturegs.com.
About Global Defense Technology & Systems, Inc.
Global Defense Technology & Systems, Inc. (GTEC) provides mission-critical, technology-based systems, solutions, and services for national security agencies and programs of the U.S. government. Our services and solutions are integral parts of mission-critical programs run by the Department of Defense, Intelligence Community, Department of Homeland Security, federal law enforcement agencies, and other parts of the federal government charged with national security responsibilities. Learn more about GTEC at www.gtec-inc.com.
SOURCE Global Defense Technology & Systems, Inc.
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