San Diego security firm acquires HBE of New Jersey

Kratos Defense and Security Solutions Inc., a national security solutions provider based in San Diego, is acquiring Henry Bros. Electronics Inc. through the purchase of all outstanding shares of HBE stock at approximately $7 a share, equivalent to about $45 million in cash.

HBE, of Fair Lawn, N.J., is a provider of homeland security solutions, products, and system integration services, including command and control systems for the protection of strategic assets and critical infrastructure.

The company also has expertise in the design, engineering and deployment of specialized surveillance, thermal imaging, analytics, radar, and biometrics technology-based security systems.

HBE programs and customers include the Defense Department, state and municipal government agencies, and major national airports, harbors and railroads.

The company recently increased its revenue guidance for 2010 to approximately $65 million, reported a record backlog of approximately $53 million, and reported second-quarter new contract bookings of approximately $35 million.

Upon completion of the merger, HBE will become part of Kratos’ Public Safety and Security division.

In May, Kratos won a five-year, $49.9 million contract to continue providing range support services at the Naval Surface Warfare Center at Dahlgren, Va.