Lockheed closes Sytex deal

Lockheed Martin Corp. finished its acquisition Thursday of IT services company the Sytex Group Inc. for $440 million in cash.

The sale doesn't include the smallest unit of Sytex, MacAulay Brown Inc. The companies agreed to leave the unit out of the transaction because of possible conflicts between work that MacAulay Brown and Lockheed Martin perform. The previous owners of Sytex will keep MacAulay.

Sytex of Doylestown, Pa., had about $425 million in 2004 revenue, nearly 50 percent above its 2003 results, according to Lockheed Martin. About 85 percent of Sytex's revenue comes from the Defense Department.

Sytex was ranked No. 39 in the 2004 Washington Technology Top 100 list of federal prime contractors. Lockheed Martin of Bethesda, Md., was ranked No 1. The 2005 Top 100 will be released May 9.