Another deal done, more on the way for Essex
- By Roseanne Gerin
- Jun 09, 2004
Essex Corp. is considering more acquisition candidates this year, following its most recent purchase of Performance Group Inc., Leonard Moodispaw, the company's president and chief executive officer said.
Columbia, Md.-based Essex earlier this week inked an agreement to acquire PGI for an undisclosed sum. The Fredericksburg, Va.-company provides geographic information systems, imagery processing and analysis, spatial data development, environmental consulting, visualization and IT solutions to federal and commercial clients. Privately owned PGI has 39 employees and 2003 revenue of around $4.5 million, according to Essex.
PGI is Essex's second acquisition of 2004. In April, Essex completed its purchase of Computer Science Innovations, a Melbourne, Fla., company focused on cognitive processing technology.
Essex is looking at several other companies as possible acquisition targets this year, but Moodispaw declined to specify which ones. The company is seeking firms that will increase "the breadth and depth" of its offerings, he said. Essex expects to close its deal with PGI in late June, Moodispaw said.
Essex provides optoelectronic signal processing services and products for federal intelligence and defense clients, including the National Security Agency, National Reconnaissance Office, National Geospatial Intelligence Agency, Defense Advanced Research Project Agency and U.S. Army, Navy and Air Force. It has 131 employees and had revenue of $16.3 million for the fiscal year ended Dec. 28, 2003.