Global Defense Technology & Systems, Inc. (NASDAQ: GTEC) was recently honored by the ACG for having the “Deal of the Year.”
The deal completed the first successful IPO in the government sector in three years in a deal valued at $63 million, which priced on November 19, 2009.
According to GTEC, the firm “undertook this deal during a year in which IPOs were scarce due to the challenging economic climate. In fact, during the week of our IPO, four of the six companies that had been poised to undertake IPOs in the same time period withdrew their deals. Even in 2010 (YTD), only 15 IPOs have priced (while 9 have been postponed or withdrawn), pricing on average 18 percent below the filed midpoint and trading down 1 percent on average on the first day of trading. The majority of these companies that have priced so far in 2009 are much larger companies than GTEC. By comparison, at the same point of the year during the last healthy IPO market in 2007, 29 IPOs had priced, on average 0.2 percent below the filed midpoint and +11 percent in the T+1 trading period.”
“We are honored by this award and the recognition of our successful public offering. This award underscores what our shareholders see as the value proposition of GTEC – a fast growth company, uniquely positioned to meet the most pressing counterterrorism, C4ISR and expeditionary needs of the national security community, ” said John Hillen, President and CEO of GTEC.