NEW YORK CITY, 1 August 2006. EDO Corporation has signed an agreement to acquire Impact Science & Technology Inc. (IST). A privately-held company located in Nashua, N.H., IST provides Signals Intelligence (SIGINT) systems and analysis support to the intelligence community, and advanced countermeasures and electronic-attack systems to the DOD and other government agencies.
EDO will purchase all of the outstanding shares of the company for $124 million, consisting of a cash payment of $106 million and an $18 million promissory note to be paid over three years. This results in a purchase price of $113 million net of the company's cash balance of $11 million at the time of the offer.
IST has approximately 200 employees and is based in Nashua, N.H., with additional operations in Maryland and Colorado. Revenue for the 12 months ended March 31, 2006 was $63 million.
Much of the work done by IST is classified. The company's products involve Electronic Intelligence (ELINT) collection and storage systems, software products, and systems engineering and analysis services for the intelligence community. IST also provides advanced radar countermeasures, electronic attack, and information warfare systems for the DOD and other government agencies.
