TechTeam to buy NewVectors
- By Michael Hardy
- May 24, 2007
TechTeam Government Solutions Inc. is trying to broaden its offerings with its planned acquisition of NewVectors LLC.
NewVectors specializes in business transformation logistics modernization and modeling and simulation services. TechTeam's strengths are in information technology services.
The two companies have reached an agreement under which TechTeam will acquire NewVectors for $40.7 million. NewVectors, based in Ann Arbor, Mich., is a subsidiary of the Altarum Institute.
NewVectors, whose main customer is the Defense Department, has more than 150 employees. TechTeam plans to make NewVectors a distinct division, and predicts that the combined company will have annual revenues of about $83 million.
"We consider this acquisition to be a highly strategic transaction for both TechTeam Government Solutions and NewVectors," said Dennis Kelly Jr., TechTeam's president. "We believe that NewVectors' capabilities in business transformation and logistics perfectly complement our skill sets, and we expect to be able to cross-market and leverage our respective capabilities and customers to deliver strong future growth."
Technology journalist Michael Hardy is a former FCW editor.