Dynamics Research Corporation to Acquire Government Operations of Impact Innovations Group
02 Agosto 2004 - 9:19PM
PR Newswire (US)
Dynamics Research Corporation to Acquire Government Operations of
Impact Innovations Group Adds $47 Million in Annual Revenues and
Expands Capabilities and Customers ANDOVER, Mass., Aug. 2
/PRNewswire-FirstCall/ -- Dynamics Research Corporation
(NASDAQ:DRCO) today announced that it has signed a definitive
agreement to acquire the government division of Impact Innovations
Group LLC for $53.4 million in cash. The acquisition is expected to
close within 30 days following shareholder and regulatory approvals
and is contingent upon the closing of DRC's financing. "Today's
announcement demonstrates our commitment to growing both
organically and through acquisition," said James Regan, DRC
chairman and chief executive officer. "Impact Innovations'
government division meets our specific acquisition criteria,
including financial performance and complementary business
activities. It is a profitable organization generating about $47
million in annual revenues, approximately 60% of which are in the
defense and intelligence arena, and it accelerates our presence and
customer base in two of our identified strategic business areas:
C4ISR and logistics. I am extremely pleased to welcome Impact's
employees to DRC. They will be a great addition, strengthening
DRC's capabilities and extending its market reach." William C.
Hoover, DRC president and chief operating officer, added, "The
government division of Impact Innovations is a perfect fit with
DRC. It enhances our CMM/level 3 software engineering core
competency and enriches DRC's business intelligence, business
transformation and network engineering & operations solution
sets. It adds a number of key government defense and civilian
customers to our portfolio. It also gives us a brand new and
strategically important customer base in the intelligence
community. In fact, Impact's roots extend to its founding in 1991
as an IT services provider for the National Security Agency."
"Ellen Glover, president of Impact Innovations' government group,
who will be joining DRC as a vice president and division manager,
has impeccable credentials in the IT community," he added. "Ellen
was the first woman from industry to receive the Federal Computer
Week Eagle award in 2001, and she was recently elected Executive
Vice Chair of the Industry Advisory Council. Under her leadership,
Impact has built an excellent reputation with its customers.
Additionally, Ellen has assembled an outstanding group of managers
during her tenure at Impact. This team of highly talented
professionals adds further to DRC's existing management depth. I am
looking forward to working closely with Ellen and her key staff.
The combined team will be very strong and formidable!" Impact
Innovations' government group has about 365 employees in the United
States. With offices in Columbia, Maryland and Vienna, Virginia,
Impact has approximately 325 employees in the Washington area.
About 30% of its revenues stem from government intelligence
agencies, 30% from various Department of Defense agencies, and
about one-third from federal civilian agencies, such as the FDIC,
Department of Veteran's Affairs, U.S. Postal Service, National
Archives and the Department of Justice. Impact brings enterprise
content management, enterprise software, application development,
IT service management and information security capabilities to
augment DRC's business intelligence solutions, while its expertise
in network operations and management will be integrated with the
DRC organization. Ellen Glover, president of Impact Innovations'
government division, noted, "I'm thrilled to join the DRC
organization and excited about the opportunities for Impact's
employees. There is truly a strategic fit as well as similar
cultural values. Additionally, the combined Impact/DRC organization
will have about 600 employees in the greater Washington area,
strengthening our visibility and marketing opportunities to the
federal government." Houlihan Lokey Howard & Zukin Capital
acted as financial advisors to Impact Innovations Group LLC on the
transaction. Investor Conference Call DRC will host a conference
call to review its plans to acquire the government business of
Impact Innovations and its second quarter financial results
tomorrow at 8:30 a.m. ET. The call will be available via telephone
at (800) 915-4836, and accessible via Web cast at
http://www.drc.com/. Recorded replays of the conference call will
be available on Dynamics Research Corporation's investor relations
home page at http://www.drc.com/ and by telephone at (800)
428-6051, passcode #364206, beginning at 10:00 a.m. August 3, 2004
through 11:59 p.m. August 11, 2004. About Dynamics Research
Corporation Dynamics Research Corporation is an innovative
solutions provider that partners with its customers to apply proven
processes and technologies. For nearly 50 years, DRC has delivered
technical and information technology services that enhance the
performance and cost effectiveness of its customers' mission
critical systems. For additional information about DRC please visit
the website at http://www.drc.com/. Safe harbor statements under
the Private Securities Litigation Reform Act of 1995: Some
statements contained or implied in this news release, may be
considered forward-looking statements, which by their nature are
uncertain. Consequently, actual results could materially differ.
For more detailed information concerning how risks and
uncertainties could affect the company's financial results, please
refer to DRC's most recent filings with the SEC. The company
assumes no obligation to update any forward-looking information.
Contacts: INVESTORS: Elise Caffrey, Vice President & Treasurer
(978) 475-9090, Ext. 1309, MEDIA: Al Black, Qorvis Communications
(703) 744-7833 DATASOURCE: Dynamics Research Corporation CONTACT:
Investors, Elise Caffrey, Vice President & Treasurer,
+1-978-475-9090, Ext. 1309, ; or Media, Al Black, Qorvis
Communications, +1-703-744-7833 Web site: http://www.drc.com/
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