SRA to Acquire Platinum Solutions, Inc.
October 11 2010 - 5:01PM
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 Platinum
Solutions, Inc., a leading provider of systems integration and
collaborative solutions for the federal government.
Platinum Solutions is a privately held systems integrator and
software developer with headquarters in Reston, Va., and offices in
Bridgeport, W. Va. and Rockville, Md. The company specializes in
developing customized software applications and providing data
management solutions for customers in the national security and
civil government arena.
"Platinum Solutions is a great fit for SRA,” said SRA President
and CEO Stan Sloane. “Their software and system development
capabilities and premier customer base strengthen the expansion of
our complex systems business.”
Once the acquisition is final, SRA will expand its mission
systems capabilities, benefit from Platinum Solutions’
well-established delivery model for mission-oriented IT solutions,
and obtain additional software integration and development
qualifications with clients in national security, intelligence and
civil government agencies.
"Together with SRA, Platinum Solutions can expand its reach into
other U.S. government agencies," said Platinum Solutions Chief
Executive Officer Laila Rossi. "As an SRA business, Platinum
Solutions will be a strong partner to a much broader customer base
in the national security and healthcare markets. SRA will provide
us with the resources to accelerate our growth; broaden
capabilities to serve our clients; and enhance career opportunities
for our staff."
The purchase price is approximately $90 million. Platinum
Solutions’ revenue in calendar year 2010 is expected to be
approximately $55 million. The acquisition is expected to be
accretive to earnings per share in SRA's fiscal year 2011.
Completion of the transaction is subject to customary closing
conditions under the Hart-Scott-Rodino Act.
Stifel Nicolaus Weisel is acting as the exclusive financial
advisor to Platinum Solutions on the transaction.
About SRA International, Inc.
SRA and its subsidiaries are dedicated to solving complex
problems of global significance for government organizations and
commercial clients 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; learning technologies;
logistics; public health preparedness; public safety; strategic
management consulting; systems engineering; and wireless
integration.
SRA and its subsidiaries employ more than 7,000 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 October 11, 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 October 11,
2010.
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