SI International buys itself a Bridge
- By Roseanne Gerin
- Dec 01, 2004
SI International Inc. has signed a definitive agreement to purchase Bridge Technology Corp. for $30 million in cash, the company said today.
Based in Columbia, Md., Bridge Technology is a privately held company that provides information technology solutions and systems engineering services to federal defense intelligence agencies. Bridge employs about 140 people and had revenue of about $22.2 million for the 12 months ended Sept. 30.
The acquisition is part of SI's strategy to broaden its customer base into the intelligence agencies and strengthen its portfolio of mission-critical solutions.
"We believe that the acquisition of Bridge Technology will establish a solid foundation for SI International to take advantage of the growth in the intelligence sector," said Ray Oleson, SI's chairman and chief executive officer. "The acquisition will greatly improve our presence within defense intelligence agencies and bring new core competencies that enhance SI International's practice areas."
The companies expect to close the deal within the next 30 days. SI's last acquisition was in January when it completed its purchase of Matcom International Corp., an Alexandria, Va., IT and engineering solutions provider, for $65.8 million.
Based in Reston, Va., SI International provides IT and network solutions primarily for the federal government. The company employs about 1,900 people and had revenue of $168.3 million for its fiscal year ended Dec. 27, 2003. It is No. 66 on Washington Technology's 2004 Top 100 list of federal prime contractors.