IT services provider SI International Inc is buying Matcom International Corp, a services vendor to the US government sector for an initial $65.8m in cash.
Reston, Virginia-based SI International will pay an additional $7.9m in shares if privately owned Matcom meets short-term performance targets. SI International made revenue of $149m in full-year 2002, and has clients including the US Army and the Department of Energy.
Matcom, which is based in Alexandria, Virginia, has 500 employees that provide software development, enterprise systems, homeland defense engineering, and technical services. Clients include Department of Defense, US Air Force, and the Department of Homeland Security.
In the year to September 30, 2003, Matcom made a profit before interest, amortization and tax of $7.9m on revenue of $70.4m. SI International expects to complete the acquisition within the next 30 to 60 days.
This article is based on material originally produced by ComputerWire.