BAE SYSTEMS reaches definitive agreement to acquire Corbett Technologies
09 Oct 2002
BAE Systems North America today announced that it has reached a definitive agreement with the shareholders of Corbett Technologies, Inc., to purchase the corporation. Corbett Technologies has annual revenues of approximately $15 million.
The acquisition, which will be funded from existing facilities, will complement BAE Systems established information technology and secure information businesses.
Corbett Technologies, based in Alexandria, Virginia, and employing 100 people, was founded in April 1994 and focuses on safeguarding information systems by providing full-service Information Assurance solutions. This year, Corbett Technologies was ranked in the top 15 fastest growing public and private technology companies headquartered in the Washington D.C. area. The company's past performance, tremendous growth, and high quality technical workforce directly aligns with the current BAE Systems information technology strategies in the communications/IT segment of the C4ISR market and the Federal IT marketplace.
"Corbett Technologies is a terrific addition to BAE Systems and underscores our focus on solutions that provide assured information delivery and assured information protection," stated Dr. Marshall Banker, president of BAE Systems Information Systems Sector. "Their expertise in security technology aligns perfectly with our commitment to provide our customers with world class services and mission support."
Closing of the transaction is expected to occur within 60 days, subject to completion of all regulatory reviews and approvals.
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