ITS Services to merge with SEA
- By Nick Wakeman
- Jan 22, 2004
ITS Services Inc. of Springfield, Va., is planning to acquire Science & Engineering Associates Inc. of New Orleans in a deal that will create a company with about $200 million in annual revenue, the companies announced today.
Terms of the deal were not disclosed, but officials with both companies are describing it as a merger; ITS Services and SEA are about the same size by revenue and by the number of employees.
Several SEA executives also will take senior leadership positions in ITS Services when the deal is completed in several weeks.
The combined organization will have about 900 employees and customers with the Homeland Security Department, the Navy, Energy Department, Census Bureau, IRS and Agriculture Department.
Joining ITS Services are Bobby Savoie, the CEO of SEA, who will become vice chairman of ITS Services; retired Vice Adm. Dan Oliver, SEA's president, who will become sector president of defense, homeland security and intelligence; and Doug Chandler, SEA's chief operating officer, who will become sector president of federal civilian and advanced technology solutions.
"Our management team is comprised of dynamic leaders with proven track records in the industry," said Phil Odeen, chairman of ITS Services.
Remaining in their positions are Todd Stottlemyer, chief executive officer of ITS Services, Paul Leslie, president and chief operating officer, and Tom Weston, chief financial officer.
Stottlemyer, Odeen, Leslie and Weston acquired ITS Services last year with the backing of Arlington Capital Partners to create a platform to build a larger company. The Washington-based private equity group has made a $75 million commitment to ITS Services, Stottlemyer said.
SEA was ranked No. 78 on Washington Technology's 2003 Top 100 list with about $63 million in federal prime contracting revenue. ITS Services came in at No. 84 with about $60.1 million.
"The merger positions us for significant prime contractor opportunities, enabling us to compete on a new level," Stottlemyer said.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.