PEC acquires tech services firm
In an all-cash transaction, PEC Solutions Inc. of Fairfax, Va., has acquired federal government IT provider AC Technologies Inc. for $46.7 million.
The cash payment includes $16 million that will be used to retire AC Technologies debt. PEC is paying AC Technologies, also of Fairfax, an additional $3 million in employee retention bonuses and earn outs.
The acquisition is expected to boost PEC's capabilities in software engineering and networking services.
AC Technologies' clients include the Army, Air Force, Postal Service, Veterans Health Administration and National Institutes of Health. *