HANOVER, Md., May 2, 2011 (GLOBE NEWSWIRE) -- KEYW Corporation (Nasdaq:KEYW) is pleased to announce that it has acquired Forbes Analytic Software, Inc. (FASI) ( www.fasi.com ), a highly respected, privately-held provider of cyber superiority solutions to the U.S. Intelligence Community (IC). The transaction was completed on May 2, 2011.
FASI was founded in 1989 and is headquartered in Leesburg, VA. They offer a broad range of mission critical cyber superiority solutions and support including high-end software development, systems and software engineering and integration, and full life-cycle software support, from research and development to operations and maintenance. FASI generated approximately $12 million in revenue in 2010 (unaudited), and is projected to deliver 2011 revenue in the range of $14-15 million. FASI is expected to deliver profitability that is above similar IC industry solution providers. They have approximately 47 employees, of whom over 40 have security clearances at the highest level.
"The FASI acquisition is highly complementary to the customer and prime contract expansion that KEYW gained from the Sycamore and Everest acquisitions," according to Leonard Moodispaw, CEO and President of KEYW Corporation. "The experience and capabilities that the FASI team brings to KEYW add to the momentum of our growth as a highly focused provider of cyber solutions across the IC."
FASI is KEYW's latest acquisition and the second acquisition this year. This acquisition brings KEYW to over 830 highly skilled employees, with over 80% cleared at the highest level. With each acquisition, KEYW is expanding its cyber superiority platform for providing agile solutions to the intelligence and defense community.
Under the terms of the agreement, KEYW purchased all of the outstanding capital stock of FASI for $14.7 million in cash and 171,970 shares of KEYW common stock, bringing the total purchase price to approximately $16.7 million. The purchase price is subject to post-closing adjustment based upon FASI's working capital as of the closing date. The number of shares of KEYW stock issued was based on the average closing price of KEYW common stock for the ten trading days immediately preceding 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: FASI's projected 2011 revenue and profitability following the acquisition; the accretiveness of the FASI acquisition; 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 Form 10K Annual Report, dated and filed March 29, 2011 with the Securities and Exchange Commission (SEC) as required under the Securities Act of 1934, 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: Ed Jaehne Chief Strategy Officer 443-270-5300