HANOVER, Md., Nov. 30, 2010 (GLOBE NEWSWIRE) -- KEYW Corporation (Nasdaq:KEYW) is pleased to announce completion of the acquisition of Sycamore US () that was announced on November 2, 2010. As previously disclosed, Sycamore brings added depth of capabilities and experience with our largest Intelligence Community (IC) customer, as well as expanded breadth of contracts and experience with other members of the IC.
KEYW has now completed 8 acquisitions since the founding of the Company in August 2008. Sycamore joins KEYW's strategic platform for agile cyber superiority solutions. With the addition of the Sycamore team, KEYW now has over 600 employees with over 500 holding the highest clearance level, TS/SCI.
Under the previously disclosed terms of the agreement, KEYW has purchased all of the outstanding capital stock of Sycamore for $27 million in cash and 87,500 shares of KEYW Common Stock (exclusive of accounting and attorney fees and customary closing costs and adjustments). These shares are subject to a 180 day lock-up, from November 30, 2010, as well as registration rights, in the event that KEYW files any additional stock registrations within the subsequent 6 months from closing. KEYW expects that the acquisition will be accretive, subject to a final purchase price accounting analysis.
About KEYW: KEYW provides agile cyber superiority and cybersecurity solutions, primarily for U.S. Government intelligence and defense customers. We create our solutions by combining our services and expertise with hardware, software, and proprietary technology to meet our customers' requirements. For more information contact KEYW Corporation, 1334 Ashton Road, Hanover, Maryland 21076; Phone 443-270-5300; Fax 443-270-5301; E-mail firstname.lastname@example.org, or on the Web at www.keywcorp.com.
Forward-Looking Statements: Statements made in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements about our future expectations, plans and prospects, and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "potential," and similar expressions. Our actual results, performance or achievements or industry results may differ materially from those expressed or implied in these forward-looking statements. These statements involve numerous risks and uncertainties, including but not limited to those risk factors set forth in our prospectus, dated September 30, 2010 and filed with the Securities and Exchange Commission (SEC) on October 1, 2010 pursuant to Rule 424(b)(4) under the Securities Act of 1933, and other filings that we make with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. KEYW is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
CONTACT: KEYW Corp. Ed Jaehne, Chief Strategy Officer 443-270-5300