Contractors complete acquisitions
- By William Welsh
- Jan 21, 2003
Computer and High-tech Management Inc. has acquired ECI Systems and Engineering and World Wide Technology Inc. has merged with Telcobuy.com, the companies announced Jan. 21.
Terms of both deals were not disclosed.
Computer and High-tech Management and ECI, both of Virginia Beach, Va., had combined annual revenue of $90 million in 2002 and estimate annual revenue of $125 million in 2003.
James Cheng, CHM's president and chief executive officer, said the purchase is "a major expansion" for the company.
The acquisition of ECI brings CHM information security products, financial crimes investigation capabilities and weapons system engineering skills, which will complement CHM's strengths in large-scale system integration, voice over IP design and implementation, and software development, he said.
"ECI adds to our bottom line and will make CHM a larger, stronger player in the government contracting business," Cheng said.
World Wide Technology merged with Telcobuy.com LLC under World Wide Technology Holding Co. Inc. Telcobuy.com was founded in 1999 by WWT founder and CEO Dave Steward. Steward served as chairman of Telcobuy.
WWT Holding of St. Louis now consists of three operating companies: WWT, Telcobuy.com and SDE Business Partnering Inc.
WWT focuses on public sector and general commercial markets, Telcobuy focuses on the telecommunications industry, and SDE focuses on the automotive industry. Each operating company provides its respective market with a full spectrum of IT products, services and supply-chain solution.
"This merger has strengthened our combined organization," said James Kavanaugh, WWT Holding's CEO. "We've improved our financial position, including securing a $65 million line of credit, diversified our customer base and reduced our dependence on any single vertical market or industry."
William Welsh is a freelance writer covering IT and defense technology.