Essex Corp. plans to buy Windermere

Fast-growing optical electronics firm Essex Corp. signed a letter of intent to acquire the Windermere Group LLC, the company said Friday. No financial terms were given.

The deal, subject to due diligence, negotiation of definitive documents and closing conditions, is expected to close during the first quarter of 2005.

Based in Annapolis, Md., Windermere Group is a private information technology company that offers engineering and software services to more than 15 U.S. government agencies and more than 100 commercial clients. It has more than 370 employees, most with high-level security clearances, and annual revenue of more than $64 million.

As part of the deal, Essex will give Windermere a $25 million bridge loan for the purchase by Windermere of the equity interest of a minority shareholder. The loan is repayable with interest if the acquisition is not completed by July 6.

"I believe this acquisition will add depth and breadth to our technical capabilities and will expand our customer base and presence within the intelligence community," said Leonard Moodispaw, Essex's chief executive officer and president.

The acquisition is a continuation of Essex's expansion plan that started last year. In June 2004, Essex purchased Performance Group Inc. of Fredericksburg, Va., for an undisclosed sum. PGI provides geographic information systems, imagery processing and analysis, spatial data development, environmental consulting, visualization and IT solutions to federal and commercial clients.

In April 2004, Essex bought Computer Science Innovations, a Melbourne, Fla., company focused on cognitive processing technology.

Based in Columbia, Md., Essex offers advanced signal, image and information processing solutions for U.S. government intelligence and defense communities and for commercial customers. The company posted revenue of $51.5 million for the first nine months of 2004 compared to $11.2 million for the first nine months of 2003.

In November, Essex increased its 2004 revenue guidance to $66 million-$68 million, including $7 million-$8 million from its two previous acquisitions. The company also set its 2005 revenue guidance at $90 million-$100 million before any further acquisitions.

Reader Comments

Please post your comments here. Comments are moderated, so they may not appear immediately after submitting. We will not post comments that we consider abusive or off-topic.

Please type the letters/numbers you see above

What is your e-mail address?

My e-mail address is:

Do you have a password?

Forgot your password? Click here
close

Trending

  • Dive into our Contract Award database

    In an exclusive for WT Insider members, we are collecting all of the contract awards we cover into a database that you can sort by contractor, agency, value and other parameters. You can also download it into a spreadsheet. Our databases track awards back to 2013. Read More

  • Navigating the trends and issues of 2016 Nick Wakeman

    In our latest WT Insider Report, we pull together our best advice, insights and reporting on the trends and issues that will shape the market in 2016 and beyond. Read More

contracts DB

Washington Technology Daily

Sign up for our newsletter.

Terms and Privacy Policy consent

I agree to this site's Privacy Policy.