QinetiQ snaps up ITS

QinetiQ North America will acquire ITS Corp. for $80 million in cash up front and additional $10 million deferred. The deferred payment is tied to short-term performance milestones. The companies have signed a definitive merger agreement and expect to complete the transaction by the end of April. QinetiQ North America of Arlington, Va., is a subsidiary London-based QinetiQ Group plc. ITS is based in Oxnard, Calif., with an East Coast office in Arlington. QinetiQ has built its American subsidiary through earlier acquisitions, including Apogen Technologies Inc., Foster-Miller, Inc., Analex Corp. and Westar Aerospace & Defense Group. Stifel, Nicolaus & Co. Inc. served as the financial advisor to ITS.