FAIRFAX, Va., 4 Jan. 2008. WidePoint Corp., a provider of information technology and identity assurance management services, executed definitive agreements to acquire iSYS LLC, an advanced information technology solutions provider to the U.S. federal government focused on information technology assurance, forensic informatics, and mobile communications optimization and management services.
iSYS, headquartered in McLean, Va., provides critical IT services through a number of contract vehicles to a broad range of customers including the U.S. Department of Homeland Security, U.S. Department of Justice, U.S. Transportation Security Administration, Federal Bureau of Investigation, U.S. Defense Logistics Agency, the Kansas Bureau of Investigation, the City of San Diego, and many systems integrators.
For the fiscal year ending December 31, 2007, iSYS is projecting to report over $18 million in revenue and its sixth consecutive year of positive growth and profitability. iSYS' current contract backlog, which represents the estimated revenues expected to be derived from awarded contracts over their remaining lives, is approximately $75 million, with approximately $50 million of that backlog through 2009 and the remainder through 2012.
Under the terms of the transaction, WidePoint also acquired complete and exclusive ownership of the intellectual property portfolio of iSYS.
