CACI revises ISS purchase plan
CACI International Inc. has signed a revised agreement to purchase Information Systems Support Inc. for $145 million in cash. The deal is expected to close around March 1.
CACI International Inc. has signed a revised agreement to purchase Information Systems Support Inc. for $145 million in cash. The deal is expected to close around March 1.
The companies announced a delay in closing the transaction on Jan. 31 when ISS of Gaithersburg, Md., informed CACI of the loss of a significant recompetition contract, which required a revised valuation of the company. CACI originally said last December that it would purchase ISS.
ISS is an IT solutions provider for the U.S. government. Its federal clients include the Defense Department and its military organizations, General Services Administration, Social Security Administration, Library of Congress and the Justice and Transportation departments.
When the deal is closed on or about March 1, ISS will have 950 employees, more than 70 percent of whom have secret or higher clearances. CACI will issue revised revenue and earnings guidance at that time.
CACI of Arlington, Va., has about 9,500 people and had annual revenue of more $1.6 billion for fiscal 2005. The company ranks No. 17 on Washington Technology's 2005 Top 100 list of federal prime contractors.