Safeguard, SRA Venture to Spin off New Tech Firms
- By Gail Repsher Emery
- May 01, 2001
SRA International Inc. of Fairfax, Va., a systems integration and IT consulting firm, and Safeguard Scientifics Inc. of Wayne, Pa., a developer and operator of emerging infrastructure technology companies, April 30 announced they formed a joint venture company, SRA Ventures LLC.
SRA Ventures will commercialize and spin off new companies based on technologies SRA has developed for its commercial and government clients. These technologies will build on the company's data and text mining expertise, and will include applications in business intelligence for the financial services industry, bioinformatics and other emerging markets.
Safeguard and SRA have equal ownership of the new venture. Four managing directors, two from each firm, will oversee the new company, which will be located at SRA in Fairfax.
"The combination of SRA and Safeguard is powerful," said Harry Wallaesa, president and chief operating officer of Safeguard. "Together, we will be well-positioned to take advantage of proven technologies customized for new markets."
SRA has 22 years of experience developing technologies and a track record of technology commercialization and profitable growth. It serves clients in national defense, civil government, health care and financial services.
Safeguard has 45 years of experience developing, launching and operating sustainable businesses, particularly in the software, communications and e-services sectors.
"SRA has a long history of developing innovative technology solutions that capitalize on our industry-leading capabilities in areas such as data and text mining, e-mail management and information assurance," said Barry Landew, SRA's president of new ventures. "This relationship with Safeguard gives us the added expertise to leverage and commercialize our intellectual property into services and solutions delivered to new markets."
Safeguard has the right of first refusal to acquire an interest in the spin-off companies. Its network includes more than 40 direct holdings and 250 technology-focused partner companies.
Initially, the new venture will explore the commercial prospects of technologies for business intelligence, wireless content management and intelligent messaging, bioinformatics and gene expression, intrusion detection and intelligent e-mail solutions.