PEC acquires tech services company
- By William Welsh
- Sep 09, 2004
In an all-cash transaction, PEC Solutions has acquired AC Technologies Inc., a provider of information technology solutions to the federal government, for $46.7 million, the company announced today.
PEC also is paying AC Technologies another $3 million in employee retention bonuses and earn outs. Both companies are based in Fairfax, Va. The cash payment includes $16 million that will be used to retire AC Technologies debt.
The acquisition is expected to boost PEC's capabilities in the areas of software engineering and networking services.
AC Technologies' clients include the Army, Air Force, Postal Service, Veterans Health Administration and National Institutes of Health. The company has more than 360 employees and had sales over the past 12 months totaling $48.5 million.
PEC is a professional services firm specializing in Web-based IT systems for government agencies. The company has more than 1,200 employees and annual sales of $172 million, according to Hoover's Online of Austin, Texas. PEC ranked No. 89 on Washington Technology's 2004 Top 100 list, which measures federal contracting revenue.
William Welsh is a freelance writer covering IT and defense technology.