Foster-Miller acquires Planning Systems
A
Qinetiq product story
Edited by the Engineeringtalk editorial team
Aug 19, 2005
Foster-Miller, part of the rapidly expanding Qinetiq North America group of companies, has acquired Planning Systems for $42 million.
Foster-Miller, the US-based engineering and technology development company which is part of the rapidly expanding Qinetiq North America group of companies, has acquired Planning Systems (PSI) for $42 million.
PSI is a 350-employee, diversified high technology company based in Reston, Virginia.
Founded in 1972, PSI provides applied science and systems engineering expertise, information technology applications and solutions, and custom products to the Federal Government and commercial clients.
PSI's revenues for fiscal year 2004 were $44.6 million.
Foster-Miller is a wholly owned subsidiary of Qinetiq North America, a leading global defence technology and security company.
The acquisition is particularly designed to accelerate Foster-Miller's growth in the commercial, defence, security and transportation markets, and will offer wider business development opportunities for other parts of the Qinetiq group, both in North America and in the UK.
Fiscal year 2004 revenues for Foster-Miller were $120 million.
PSI's engineering expertise and innovative information technology capabilities should allow Foster-Miller to significantly grow the breadth and depth of its products and services into existing and new markets.
PSI has a significant track record of success working with key customers such as the Department of Defense and other agencies of the Federal Government, as well as state municipalities and the private sector.
"This acquisition provides Foster-Miller with significant strategic value".
"The companies' combined scientific and engineering expertise allows us to offer our customers a higher level of proficiency and service that would be impossible to achieve as separate organisations", said Dr William Ribich, President of Foster-Miller "PSI has advanced technical expertise in sensor development and software systems".
"This expertise will enhance Foster-Miller's platform of technologies".
"Both Foster-Miller's and PSI's customers can expect to benefit from the combination of skills this acquisition creates".
"PSI and Foster-Miller have had a long-standing strategic relationship and are presently teamed on a space-based radar system development project", stated PSI CEO and President Dr Alan Friedman.
"We expect to greatly benefit from Foster-Miller's product skills in taking numerous PSI technologies to the next level of applications and sales".
"We will use the expanded profile of PSI to develop growth opportunities in both current and new markets".
"PSI views this opportunity as a natural extension of our work together".
"This is an important next step in building our business in North America", commented Graham Love, CEO of Qinetiq North America.
"Alan and his team run a fine company, and we are delighted to have persuaded them to join us".
Under the terms of the agreement, PSI will maintain its name and operate as a wholly owned subsidiary of Foster-Miller.
The acquisition by Foster-Miller brings the total employee base to 675 and increases the company's presence to locations in 14 states.
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