ITS-SEA debuts name
- By Roseanne Gerin
- Jun 04, 2004
Six months after merging, ITS Services Inc. and Science and Engineering Associates Inc. today unveiled Apogen Technologies Inc. as their new entity's name.
The company's new name is derived from the words "apogee," which means "the highest point of an orbit," and "genesis," which means "the height of creation." The name highlights the company's slogan of "aiming higher" in providing its clients with the right technology solutions to address complex, mission critical challenges, company officials said.
The $200 million company delivers information technology, engineering, research and development and managed network services to federal sector.
Apogen wants to reach $500 million in annual revenue in the next three years and $1 billion by 2009 through a combination of strong organic growth and strategic acquisitions, said Todd Stottlemyer, Apogen's chief executive officer, at a press briefing.
Apogen plans to pursue large contracts in the $200 million-$500 million range as a prime contractor and to make an acquisition this year, he said. The company is considering a bid for the Homeland Security Department's upcoming contract for electronically managing its human resources, finances, budget, and acquisition and asset management requirements. The estimated value of the contract has yet to be determined. The request for proposal is expected June 7.
Stottlemyer also said that Apogen wants to buy a company within a $30 million-$100 million revenue range, but would not rule out a firm with less than $30 million, as long as it was consistent with the company's strategy of delivering technology solutions for mission critical programs of national significance, with an emphasis on the defense and homeland security.
The privately owned company has revenue of around $200 million and is broken down into two business units: a national security sector that accounts for $120 million in revenue and a federal technology sector, including civil agencies, that brings in $70 million-$80 million.
Its current roster of federal clients include the Agriculture, Commerce, Defense, and Energy departments, Census Bureau, IRS, U.S. Customs and Border Protection and the U.S. Navy.
Arlington Capital Partners, a private equity company in Washington, D.C., has backed Apogen with $75 million, half of which the firm has spent, with the other half likely to be spent on buying another company, Stottlemyer said.
Apogen has 950 employees in offices in McLean, Va., New Orleans, La., Springfield, Va., Albuquerque, N.M., Sante Fe, N.M., Las Vegas, Nev., San Diego, and Tempe, Ariz. Before the new company was officially named, the merged entity of ITS Services and Science and Engineering Associates ranked No. 62 on Washington Technology's 2004 Top 100 list of federal IT contractors.