SRA Completes Acquisition of Touchstone Consulting Group, Inc.
April 25 2005 - 9:00AM
PR Newswire (US)
SRA Completes Acquisition of Touchstone Consulting Group, Inc.
FAIRFAX, Va., April 25 /PRNewswire-FirstCall/ -- SRA International,
Inc. (NYSE:SRX) a leading provider of information technology
services and solutions to the federal government, today announced
it has completed its acquisition of Touchstone Consulting Group,
Inc., a management consultancy with an established track record of
serving senior executives in the federal government. The terms of
the all-cash transaction were not disclosed. SRA expects the
acquisition to be accretive to SRA earnings. Headquartered in
Washington, D.C. and founded in 1991, Touchstone focuses on helping
U.S. government leaders develop, launch, and manage their
strategies. Touchstone provides strategic consulting services to
its customers throughout the federal government, including the
Department of Homeland Security, Department of Defense,
intelligence agencies, and the Office of Management and Budget.
Touchstone has 135 employees, about 60% of whom hold security
clearances. Revenue for the twelve months ended March 31, 2005 was
about $27 million. Renny DiPentima, SRA Chief Executive Officer,
said, "We enthusiastically welcome the people of Touchstone to our
company. We have very similar cultures focused on doing what is
best for customers and taking care of our employees. We believe
that our customers, shareholders, and employees will all benefit
from this acquisition. We have already begun integrating our
companies and expect positive results soon." About SRA
International, Inc. SRA is a leading provider of information
technology services and solutions -- including strategic
consulting; systems design, development, and integration; and
outsourcing and operations management -- to clients in national
security, civil government, and health care and public health
markets. The Company also delivers business solutions for text and
data mining, contingency and disaster response planning,
information assurance, environmental strategies, conflict
management and dispute resolution, enterprise systems management,
and wireless integration. FORTUNE(R) magazine has chosen SRA as one
of the "100 Best Companies to Work For" for six consecutive years.
In 2004, SRA was named Large Government Contractor of the Year by
the Northern Virginia Government Contractors Council, the
Professional Services Council, and Washington Technology. The
Company's 3,900 employees serve clients from its headquarters in
Fairfax, Virginia, and offices across the country. For additional
information on SRA, please visit http://www.sra.com/. Any
statements in this press release about future expectations, plans,
and prospects for SRA, including statements containing the words
"estimates," "believes," "anticipates," "plans," "expects," "will,"
and similar expressions, constitute forward-looking statements
within the meaning of The Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from those indicated
by such forward-looking statements as a result of various important
factors, including: our dependence on our contracts with federal
government agencies, particularly within the U.S. Department of
Defense, for substantially all of our revenue, our dependence on
our GSA schedule contracts and our position as a prime contractor
on government-wide acquisition contracts to grow our business, and
other factors discussed in our latest quarterly report on Form 10-Q
filed with the SEC on January 31, 2005. In addition, the
forward-looking statements included in this press release represent
our views as of April 19, 2005. We anticipate that subsequent
events and developments will cause our views to change. However,
while we may elect to update these forward-looking statements at
some point in the future, we specifically disclaim any obligation
to do so. These forward-looking statements should not be relied
upon as representing our views as of any date subsequent to April
19, 2005. DATASOURCE: SRA International, Inc. CONTACT: Stuart
Davis, VP and Director, Investor Relations of SRA, International,
Inc., +1-703-502-7731, , or Stephen Hughes Senior VP and CFO SRA
International, Inc., +1-703-227-7010, Web site: http://www.sra.com/
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