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  • Thursday, April 25, 2024

Versar Finalizes Johnson Controls Security Systems Buy


acquisition, mergerVersar (NYSE: VSR) has closed its purchase of the federal security systems integration business of Johnson Controls for $20 million in cash and contingent payments.

The companies unveiled the deal last month and Versar said Thursday that Johnson Controls Security Systems changed its name to Versar Security Systems following the sale.

JCSS has worked with several federal agencies to help secure their physical and network infrastructure and has earned approximately $34 million in revenues during the past 12 months.

Tony Otten, CEO of Versar, said the company seeks to increase its visibility in the marketplace and offer customized platforms for existing and new clients.

Versar partnered with Bank of America to finance the acquisition.

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