TSC acquisition expands systems engineering chops
Technology Service Corp., a technology company in Silver Spring, Md., has acquired Praxis Inc., which specializes in systems engineering, space systems and technology, and technology management and acquisition.
Purchase price of the all-cash transaction was not reported.
Praxis, which was founded in 1987 by Jack Chapman to support the Naval Research Laboratory, will operate as a wholly owned subsidiary of TSC.
Chapman stepped down as president and member of the board of directors in August. He remains with the company as senior vice president of technology and works in an advisory position.
Jane Schaub, who assumed the role of company president, will remain in that position and report to David Schubert, TSC vice president of Washington Operations.
The addition of the Alexandria, Va., company “will broaden TSC’s footprint in the Capital region and add expertise in space systems engineering, technology and procurement support," CEO Bob Graziano said in the company’s Dec. 14 announcement.
With this acquisition, combined TSC annual revenue is projected to exceed $115 million.
TSC, an employee-owned company, also has facilities in Fairfax, Va.; Huntsville, Ala.; Bloomington, Ind.; Trumbull, Conn.; and Los Angeles.
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David Hubler is senior editor of Washington Technology. Follow him on Twitter: @DavidHubler.