QinetiQ to acquire OSEC

QinetiQ subsidiary Apogen Technologies has announced that it has signed an agreement to acquire San Diego-based Ocean Systems Engineering Corp (OSEC) for $53 million in cash. OSEC is a provider of research, design, development, and integration of advanced information technology systems to key defence agencies.

The acquisition is expected to close by the end of June 2006, pending US government approvals. OSEC is currently owned by its founder and majority shareholder, managers and staff.

Founded in 1990, OSEC provides software and engineering services to several US Department of Defense (DoD) customers including the Marine Corps Systems Command, with which it has a 10-year relationship, and the Space and Naval Warfare Center which has been a customer since 1990.

OSEC reported revenues of $48.2m, EBITDA of $4.8m and earnings of $2.7m in 2005. Upon regulatory approval, OSEC will become a wholly-owned subsidiary of Apogen Technologies.

Register now to continue reading

Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.  

Benefits of registering

  • In-depth insights and coverage of key emerging trends

  • Unrestricted access to special reports throughout the year

  • Daily technology news delivered straight to your inbox