SRA to Acquire Era Corporation
April 30 2008 - 9:30AM
PR Newswire (US)
- Era is the market leader in next-generation surveillance and
flight tracking solutions with more than 100 customers in 30+
countries FAIRFAX, Va., April 30 /PRNewswire-FirstCall/ -- SRA
International, Inc. (NYSE:SRX), a leading provider of technology
and strategic consulting services and solutions to government
organizations, today announced the signing of a definitive
agreement to acquire Era Corporation, a privately held provider of
advanced surveillance technologies for the air traffic management,
airport operations, military and security markets. Era is a pioneer
and leading supplier of next-generation surveillance and flight
tracking solutions. The company has nearly 300 employees and
develops multilateration, Automatic Dependent
Surveillance-Broadcast (ADS-B) and other technologies that deliver
high-performance, high-reliability surveillance solutions to more
than 100 customers in the U.S., Canada, Europe, the Middle East,
Africa, South America and Asia. The company is headquartered in
Reston, Va. with production facilities and research &
development centers in the U.S. and Czech Republic. In 2007, SRA
embarked on a five-year plan to broaden its product and service
offerings, to significantly increase annual revenue, and to expand
operating margins. The company intends to add leading-edge product
capabilities that differentiate its services in new and rapidly
growing markets. By integrating hardware and software products with
its core services capabilities, SRA expects to play a pivotal role
in advancing the missions of its customers in the national
security, civil government and health markets. "Era is a perfect
fit for SRA," said SRA President and CEO Stan Sloane. "They are a
global market leader with a solid management team, dedicated
employee base and valuable intellectual property. Era has
established a great track record of winning new business and
exceeding customer expectations, and we anticipate that the air
surveillance market will continue to offer abundant opportunities
for growth as traditional ground-based radar is replaced by these
more powerful, dependable systems. Era is an important part of our
long-term growth plans, and will help position us strategically for
leadership in advanced surveillance technologies." "SRA is the
right home at the right time for Era to extend its growth and
market leadership," said Era President and CEO Dave Ellison. "SRA
has a track record for delivering high-quality services and
products, a stellar reputation in the industry and sound judgment
on recognizing growth opportunities domestically and
internationally. With air traffic projected to double in the next
decade, the demand for Era's surveillance solutions is growing in
step. Era solutions give unmatched accuracy and performance needed
to support increased operations while improving situational
awareness and overall safety." Era has been selected for many of
the competitive procurements for ADS-B and multilateration systems
worldwide in the past two years, including Dublin, New York,
Singapore, Thailand and Johannesburg. Era has also been recognized
with the Air Traffic Control Industry's 2007 Development Award from
Jane's Information Group and the 2007 ADS-B Technology Leadership
Award from Frost & Sullivan. Completion of the transaction is
subject to customary closing conditions and Hart-Scott-Rodino
review. Closing is expected by the end of SRA's fiscal year June
30, 2008. BB&T Capital Markets Windsor Group acted as the
exclusive advisor to Era in this transaction. About Era Era
Corporation is a pioneer and leading supplier of next-generation
surveillance and flight tracking solutions for the air traffic
management, military, security and airport operations markets. With
proven multilateration and ADS-B technologies delivering
high-performance, high-reliability surveillance solutions, the
company has over 100 commercial, air traffic management and
military customers throughout the U.S., Canada, Europe, the Middle
East, Africa, South America and Asia. Era's investment in research
and development and its track record of product innovation have
resulted in a substantial patent portfolio. Era is headquartered in
Reston, Va., with leading product research and development centers
of excellence in the U.S. and Czech Republic. For additional
information on Era, please visit http://www.erabeyondradar.com/.
About SRA International, Inc. SRA is a leading provider of
technology and strategic consulting services and solutions --
including systems design, development, and integration; and
outsourcing and managed services -- to clients in national
security, civil government, and health care and public health
markets. The company also delivers business solutions for
contingency and disaster response planning, information assurance,
business intelligence, environmental strategies, enterprise
architecture, infrastructure management, and wireless integration.
FORTUNE(R) magazine has chosen SRA as one of the "100 Best
Companies to Work For" for nine consecutive years. The company's
6,400 employees serve clients from its headquarters in Fairfax,
Va., and offices around the world. 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. In addition, the forward-looking statements included in
this press release represent our views as of April 30, 2008. 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 30, 2008.
DATASOURCE: SRA International, Inc. CONTACT: Media Relations:
Sheila S. Blackwell, +1-703-227-8345, , or Investor Relations:
David Keffer, +1-703-502-7731, , both of SRA International, Inc.
Web site: http://www.sra.com/ http://www.erabeyondradar.com/
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