By Calvin Biesecker
KEYW Corp. [KEYW] Monday evening said it has acquired Forbes Analytic Software, Inc. (FASI), a provider of information technology solutions to the intelligence community, further bolstering KEYW’s presence in the intelligence arena.
KEYW paid $14.7 million in cash and 171,970 of its shares for FASI for a total deal price of about $16.7 million. FASI had $12 million in sales last year and is projected to do between $14 million and $15 million in business this year and have profits above similar providers of solutions to the intelligence community (IC), KEYW said.
For KEYW, the deal complements its existing customers and also boosts its prime contract work.
“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,” Leonard Moodispaw, president and CEO of KEYW, said in a statement.
FASI is based in Northern Virginia and has 47 employees, more than 40 of whom have high-level security clearances. The company does 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’s financial adviser on the deal was Bluestone Capital. Ed Jaehne, KEYW’s chief strategy officer, told Defense Daily that FASI was not acquired via auction. FASI’s leadership will remain with the company, he said.
The acquisition is the second by KEYW this year. Last month, it acquired JKA Technologies, a provider of information assurance and information technology solutions to the IC (Defense Daily, April 4).