Latest Titan Acquisition Tacks on SenCom
Latest Titan Acquisition Tacks on SenCom<CR>
By Nick Wakeman, Staff Writer
JUNE 1 ? Titan Corp. has made yet another acquisition: The San Diego-based systems integrator and high-tech company bought SenCom Corp. of Bedford, Mass., in a cash deal.
Terms of the acquisition were not disclosed, but Titan is picking up 335 new employees. SenCom is an information technology services company whose major customers are the Air Force, the Defense Information Systems Agency and the U.S. Customs Service.
Titan has made several acquisitions in the past year, most notably its $175 million deal for Advanced Communications Systems Inc. of Fairfax, Va., and a $205 million agreement to buy AverStar Inc. of Burlington, Mass. Those deals were for stock and the assumption of debt.
Titan's acquisition spree has been fueled by a strong stock price, spurred in part because of the company's promising food pasteurization technology. Over the past 12 months, Titan's stock has ranged from $7.69 a share to $60.50. On May 31, the stock closed at $35.88.
With the SenCom deal, Titan is picking up engineers and analysts who specialize in radar and electro-optical sensors, command and control system development, computer and network security, business process engineering and program management.
"The acquisition of SenCom significantly strengthens our relationship with certain key customers, including the Air Force, joint services and the intelligence community," said Gene Ray, chairman, president and chief executive of Titan. "SenCom brings unique technical capabilities and experience in the areas of sensor and tracking systems, national missile defense and information security certification."