Anteon to purchase ISI for $90.7 million
- By Patience Wait
- Apr 23, 2003
Anteon International Corp. has agreed to buy Information Spectrum Inc., a provider of defense and homeland security solutions that booked revenue of $130.5 million in fiscal 2002.
Anteon will acquire all of ISI's stock for $90.7 million in cash, leaving ISI without outstanding debt.
Anteon, which is financing the acquisition through existing credit facilities, expects the deal to close by the end of May.
ISI of Annandale, Va., sells credential card technologies, military logistics and training systems.
The company is the prime contractor for secure identification and access management solutions for the Department of Homeland Security Permanent Resident Card and the State Department Border Crossing Card programs. ISI also provides logistics, training and engineering solutions for the Naval Air Systems Command.
Privately held ISI has more than 1,200 employees and 27 locations nationwide. In fiscal 2002, the company generated $8.8 million in adjusted operating income.
Buying ISI is "consistent with our strategy to selectively acquire companies that possess strong operational management, access to growing government markets, leveragable technologies, strong financial performance and cultural compatibility," Joseph Kampf, president and chief executive officer of Anteon, said in a statement. Because of national homeland security requirements, Kampf said Anteon expects to see "dramatic growth" in the use of credential card technology.
Windsor Group LLC, a private investment banking firm in Reston, Va. represented ISI. The purchase of ISI is Anteon's first since going public last summer.
Anteon of Fairfax, Va., reported 2002 revenue of $826 million. The company has about 5,800 employees and more than 80 offices worldwide.
(Updated 2:19 p.m. April 24, 2003)