PEC Makes a Deal
PEC Solutions Inc. acquired Troy Systems Inc. for $15.3 million in cash and $3 million in stock, giving the information technology company a foothold in the growing defense and health-care markets.
The acquisition continues PEC's effort to diversify its presence in the federal sector, which provides 95 percent of its revenue. Through the nine months ended Sept. 30, PEC had $77.8 million in revenue, compared to $49.9 million for the same period a year ago. Troy brings an additional $32 million to $33 million in annual revenue, almost all with the federal government.
Troy's major customers include the Army and the State Department. PEC does work with several federal agencies, including the Drug Enforcement Administration and the Bureau of Alcohol, Tobacco and Firearms, for which it designed an intranet that allows employees from both agencies to share information.