SAN DIEGO, Calif., 14 April 2005. The Titan Corp. announced today that it has entered into a definitive agreement to acquire Intelligence Data Systems, Inc. (IDS), a high-technology and professional services firm supporting the U.S. intelligence community, for $42.5 million in cash.
IDS provides highly specialized expertise in data mining, high-performance computing, data analysis, information fusion, and information sharing for a diverse range of intelligence community customers. The company's capabilities have made it one of the fastest-growing companies supporting the federal government. IDS's capabilities in intelligence support and information processing technologies complement Titan's technical support portfolio to the U.S. intelligence community. In 2004, "Inc. 500" ranked IDS as the third fastest-growing defense contractor in the nation.
"We are extremely excited about having IDS join the Titan family," said Gene Ray, Titan's president, chairman, and CEO. "IDS brings with it a wealth of dedicated, respected employees and new technologies that will enhance Titan's position within the intelligence community marketplace. Completing this acquisition marks another step forward in our long-term strategy of strengthening our core competencies, as we continue to provide unsurpassed national security solutions to our government customers."
"This is an outstanding opportunity for our employees and our organization," said Michael Canney, president and CEO of IDS. "We're excited about joining the Titan team, and we're confident this will be a 'win-win' for our customers and our employees."
IDS will be immediately integrated into one of Titan's existing operating units that primarily serves the intelligence community. The transaction is expected to close in the second quarter of 2005 and is expected to be neutral to accretive to 2005 earnings.
Headquartered in San Diego, The Titan Corporation is a leading provider of comprehensive information and communications systems solutions and services to the Department of Defense, intelligence agencies, and other federal government customers. As a provider of national security solutions, the company has approximately 12,000 employees and annualized sales of approximately $2 billion. For more information, see www.titan.com.
