Harris purchases Orkand
Harris Corp. inked an agreement to buy Orkand Corp., a privately owned IT provider for federal agencies, for $66 million in an all-cash deal.
Regulators must approve the transaction, which is expected to close before the end of Harris' fiscal year July 2.
Orkand of Falls Church, Va., had $80 million in revenue for the 12 months that ended in March. Its federal clients include the departments of Energy, Health and Human Services, Interior, Labor and State and the U.S. Postal Service.
Harris of Melbourne, Fla., had 2003 revenue of $2.1 billion.