SRA Signs Agreement to Acquire PQA
January 25 2010 - 4:01PM
Business Wire
SRA International, Inc. (NYSE:SRX), a leading provider of
technology and strategic consulting services and solutions to
government organizations and commercial clients, today announced
the signing of a definitive agreement to acquire Perrin Quarles
Associates (PQA), Inc., a privately held environmental consulting
firm that specializes in environmental program development and
implementation for air quality and climate change.
PQA is an environmental consulting firm with nearly 100
employees headquartered in Charlottesville, Va. Founded in 1979,
PQA works with federal, state and international environmental
agencies to develop and implement air quality regulations and
standards. PQA also provides substantial organizational and
logistical support to the Environmental Protection Agency (EPA) and
has developed major web-based information systems supporting
critical agency missions. Recent projects have also supported
greenhouse gas reduction initiatives by EPA and internationally for
the United Nations, Canada, New Zealand and Australia. PQA has a
diversified staff that includes environmental engineers, policy and
legal analysts and information technology specialists.
Together with PQA, SRA expands its services to include
sophisticated technology offerings in the rapidly growing air
quality and climate change markets. By offering mission-oriented
solutions along with the potential to broaden SRA environmental
offerings and enable market expansion, PQA’s existing services
portfolio links directly to SRA’s high growth strategy.
“PQA is a perfect complement to SRA’s environmental expertise
and services,” said SRA President and CEO Stan Sloane. “PQA has a
proven track record of exceeding customer expectations, a dedicated
employee base, and is a world leader in the billion-dollar
air-quality and climate-change markets – all of which positions SRA
well in this market adjacent to our core environmental
offerings.”
“SRA is an ideal fit for PQA to expand its growth and market
leadership,” said PQA President and Co-Founder Perrin Quarles. “SRA
has an outstanding reputation in the industry and a solid
long-standing commitment to the environmental market. We think that
this, along with their focus on providing services that directly
touch their customers’ missions, augments our air quality and
climate change efforts.”
Completion of the transaction is subject to customary closing
conditions. Closing is expected within approximately one month. PQA
is expected to contribute approximately $6 million of revenue in
the remainder of SRA’s fiscal year 2010. The accretion to SRA’s
fiscal year 2010 earnings is not expected to be significant.
Fennebresque & Co., LLC is acting as the exclusive financial
advisor to PQA in this transaction.
About SRA International, Inc.
SRA and its subsidiaries are dedicated to solving complex
problems of global significance for government organizations
serving the national security, civil government and global health
markets. Founded in 1978, the company and its subsidiaries have
expertise in such areas as air surveillance and air traffic
management; contract research organization (CRO) services; cyber
security; disaster response planning; enterprise resource planning;
environmental strategies; IT systems, infrastructure and managed
services; logistics; public health preparedness; public safety;
strategic management consulting; systems engineering; and wireless
integration.
SRA and its subsidiaries employ more than 6,900 employees
serving clients from its headquarters in Fairfax, Va., and offices
around the world. For additional information on SRA, please visit
www.sra.com.
Any statements in this press release about future expectations,
plans, and prospects for SRA, including statements about the
estimated value of the contract and work to be performed, and other
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 Jan. 25, 2010. 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 Jan. 25,
2010.
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