FOR IMMEDIATE RELEASE
Richmond, VA – (April 25, 2004) Transact Capital is pleased to announce that Essex Corporation (Nasdaq: KEYW) of Columbia, MD has completed the acquisition of Performance Group, Inc. (PGI) with main offices in Fredericksburg, VA. PGI is located in Fredericksburg, VA. The purchase was completed on June 25, 2004. PGI provides services and systems in the areas of Geographic Information Systems (GIS), Imagery Processing and Analysis, Spatial Data Development,
Environmental Consulting, Visualization, and IT Solutions to government and private sectors.
Transact Capital acted as financial consultant to PGI.
“PGI is our second acquisition of 2004, after having considered many candidate companies,” commented Leonard Moodispaw, CEO and President of Essex Corporation. “After speaking with PGI’s customers, we believe that PGI has excelled in providing GIS systems and support services, and has excellent opportunities for expanding their core business, particularly with the U.S. Army. By combining these capabilities with other Essex technologies and talent, I believe there is an upside potential for several GIS centered offerings in the next two years. The Essex team is now over 230 people strong.”
PGI is a privately owned company with 39 full time employees and annual revenue of approximately $4.5 million in calendar year 2003. It has been profitable each year since it was founded in 1994.
Transact Capital is an independent mergers and acquisitions advisory firm headquartered in Richmond, VA with offices in Roanoke, VA, Lexington, KY, and Orlando, FL. Transact focuses on the needs of small privately held companies with less than $100 million in revenues. With extensive experience in owning, running, or investing in private companies or divisions of public companies, the firm’s principals are able to help many business owners exit their companies or explore other opportunities.
To learn more about Transact Capital, please call Steve Zacharias at 804-323-6868 ext. 102 or send an e-mail to Steve at Steve@TransactCapital.com.