Dynamics Research Corporation (NASDAQ: DRCO) has signed a definitive agreement to acquire High-Performance Technologies, Inc., a provider of high-end technology services to the federal healthcare and military technology markets, for $143 million in cash. The deal is anticipated to close June 30, 2011.
Nearly 80 percent of HPTi’s 2010 sales were in DRC’s target growth markets, including healthcare, cybersecurity, intelligence, civilian financial agencies and homeland security. HPTi reported revenue of $90 million for calendar 2010 and $97 million for the 12 months ended March 31, 2011.
Jim Regan, DRC’s chairman and chief executive officer, said, “HPTi’s management team has done a tremendous job of extending the company’s technical abilities, which originated in the defense arena, to other federal growth markets.”
Tim Keenan, HPTi’s president, added: “In DRC we have found an alignment of not only core values but also of market approach. We are truly pleased to be part of what we believe will be a go-to source of technology solutions for our combined clients.”