L-1 buys into U.S. intel market
By
Nick Wakeman
The new company formed by the merger of Viisage Technology Inc. and Identix Inc. is continuing its deal-making with the acquisition of a privately held intelligence firm.
L-1 Identity Solutions Inc., formed when the Viisage-Identix deal closed Aug. 29, is planning to acquire SpecTal LLC, a Reston, Va., company that provides consulting services to intelligence agencies. The company also offers training and technology development services.
L-1 will pay about $100 million in cash for SpecTal, which was founded in 1999 by the husband-and-wife team of John A. Cross and Louise Brouillette. The deal could be worth another $10 million if certain performance thresholds are met. SpecTal is expected to have about $60 million in 2006 revenue.
The acquisition will strengthen L-1's federal government presence, the company said in a statement. Several senior SpecTal managers will remain. Ann Holcomb, current vice president, will become president, and executives Ron Hammond and Ed Balint will continue as executive vice presidents.
About 95 percent of the company's 325 employees have Top Secret security clearances. Expertise includes government consulting, counterintelligence, counterterrorism and threat vulnerability assessment.
Jeffries Quarterdeck, a division of Jeffries &Co., Inc. rendered a fairness opinion to L-1 Identity Solutions, in connection with the transaction.
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