DRC picks up Impact Innovations unit
- By Roseanne Gerin
- Aug 04, 2004
Dynamics Research Corp. is buying the government division of IT services and outsourcing company Impact Innovations Group LLC in a cash deal worth $53.4 million, DRC said Monday.
The acquisition is expected to close within 30 days and is contingent upon the closing of DRC's financing.
Impact Innovations is headquartered in Atlanta and has other offices in Dallas and Washington. Its government group has 335 employees in the Unites States and generates around $40 million in annual revenue, according to the company. Impact Innovations derives around 60 percent of its revenue from defense and intelligence community clients, DRC said.
The acquisition of Impact Innovations gives DRC new intelligence community clients and additional government clients, DRC said.
In a separate announcement, DRC reported second-quarter revenue of $64.9 million and earnings on continuing operations of $2.2 million, compared with revenue of $62.1 million and earnings on continuing operations of $2 million for the same quarter a year ago.
Based in Andover, Mass., DRC provides professional services and high-technology products to federal and state governments as well as small and medium enterprises. The company employs more than 17,000 people in the United States and had 2003 revenue of nearly $245 million. It ranks No. 77 on Washington Technology's 2004 Top 100 list of federal prime contractors.