STAMFORD, Conn., 30 July 2007.L-1 Identity Solutions Inc. has completed the acquisition of privately-held Advanced Concepts Inc. (ACI).
The acquisition is expected to enhance L-1 Identity Solutions' customer base within the U.S. government and provide a greater depth of complementary services. ACI provides information technology and network security solutions, and systems engineering and development services, for the U.S. Intelligence and military communities.
More than 80 percent of ACI's approximately 300 employees have top secret and higher security clearances and average 23 years of experience supporting contracts critical to U.S. national security. ACI will operate as a division of L-1 Identity Solutions and maintain its current operations and headquarters in Columbia, Maryland.
ACI shareholders will receive approximately $72.0 million in cash, subject to a post-closing adjustment, as well as the opportunity to earn up to an additional $6.0 million in consideration if key performance thresholds are attained.
The transaction is expected to add approximately $21 million in revenue and approximately $3 million of Adjusted EBITDA in 2007 and will be accretive to earnings.
