TechTeam acquires Sytel
TechTeam Global Inc. has acquired Sytel Inc., a network services and enterprise solutions provider, for $18.5 million in an all-cash deal. The deal closed Jan. 3.
The transaction includes an additional cash payment of $2 million if Sytel wins a contract renewal. The contract expires this year, but company officials declined to identify the contract.
The acquisition of Sytel of Bethesda, Md., will add customers such as the Drug Enforcement Agency, the National Institutes of Health and the departments of Commerce, Health and Human Services, Homeland Security, and State. TechTeam is in Southfield, Mich.
Jeanette Lee White will remain president and chief executive officer of Sytel, which will become a subsidiary of TechTeam.