Ultralife Batteries Completes Acquisition of Innovative Solutions Consulting
01 October 2007 10:59
Ultralife Batteries has completed the acquisition of Innovative Solutions Consulting, Inc. (ISC), an engineering and technical services company located in Hollywood, Maryland, effective September 28.
Under the terms of the agreement, the purchase price of approximately US$3 million consists of US$1 million in cash and an earn-out totaling up to US$2 million to be paid over three years based on exceeding certain agreed-upon annual sales measures. Ultralife is financing the transaction with operating cash and available credit. Management anticipates that the transaction will be accretive in 2008.
"Our acquisition of ISC will broaden our relationships with a diverse group of US governmental agencies and prime defense contractors and expand our distribution channels for our broad range of communications accessories, portable power products and integrated engineering services," said John D Kavazanjian, Ultralife's president and chief executive officer. "As an Ultralife company, ISC, under the leadership of Jim Evans, Ultralife vice president and general manager, will continue operating from its strategically located Southern Maryland site with the consistent level of excellence and focus that has enabled them to earn the business and respect from their diverse and distinguished portfolio of customers."
Established in 1999, ISC is an engineering and technical services firm specializing in the design, integration, and fielding of mobile, modular, and fixed-site communication and electronic systems. ISC was awarded a prime contract by the US Air Force to provide the Battle Control System-Mobile (BCS-M) program's Communication Switch Subsystem (CSS) and also has several subcontracts with local prime contractors such as L-3 Communications Systems, BAE Systems and Booz Allen & Hamilton to support the Naval Air System Command (NAVAIR) Special Communications Requirements Division (SCRD). Through these NAVAIR contracts, ISC supports a diverse list of clients including: US Special Operations Command (USSOCOM), US Central Command (CENTCOM), US Department of State and various other DoD commands and Government agencies.
Other clients include: National Security Agency (NSA), SRA International and SWE-DISH Satellite Systems. Products in development include ISC's recently introduced Rapid Response Vehicle, which is designed to provide critical communications to support emergency management, surveillance and disaster relief situations. In 2006, ISC generated approximately $4 million in revenue.
ISC has gained a reputation as an exciting and rewarding place to work with a tradition of providing excellent customer service. Inc. magazine recognized ISC's accomplishments by ranking them number 182 and number 358 of the top 500 fastest growing privately held companies in the US for 2005 and 2006 respectively. ISC has also been locally recognized in Maryland by the 400 member Patuxent Partnership as the 2005 Firm of the Year and was awarded a prestigious Leading Edge Award.
For more information on this company:
Ultralife - Lithium Batteries, Chargers, Communications and Electronics Systems and Accessories
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