QinetiQ Group plc
26 June 2007
QinetiQ Group plc
Tuesday 26 June 2007
Acquisition of 3H Technology
QinetiQ Group plc announces today that its US subsidiary Apogen Technologies
Inc. has completed the acquisition of 3H Technology LLC, a specialist IT company
with US government and commercial clients, for up to $52.0m.
The acquisition of 3H Technology will be settled for an initial cash
consideration of $50.0m, with an additional contingent consideration of up to
$2.0m payable 18 months after completion.
Based in the Washington DC area, 3H Technology specialises in providing
networking, software development, programme management and process improvement
services to both federal agencies and commercial clients. The company's
acquisition extends QinetiQ's customer base. 3H Technology's existing
customers include the Department of Homeland Security, the US Navy, the US Army,
the Department of Health and Human Services and the US Department of the
Treasury.
3H Technology is a privately-held US company employing 220 people, and had
revenues of $33.4m for the 12 months ended 31 December 2006.
(ends)
For further information please contact:
Adrian Colman, Investor Relations +44 (0) 1252 395366
+44 (0) 7740 432699
Nicky Louth-Davies, Media Relations +44 (0) 1252 392809
+44 (0) 7795 290593
This information is provided by RNS
The company news service from the London Stock Exchange
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