Akimeka Joins VSE Corporation Team
Acquisition Builds on Growth Strategy
KIHEI, Hawaii-- Akimeka LLC, a fast-growing Native Hawaiian health service information technology consulting company was acquired today by VSE Corporation (Nasdaq: VSEC), headquartered in Alexandria, VA. Akimeka recorded revenues during 2009 of approximately $38 million, and operating income of approximately $6.5 million.
Akimeka, headquartered at the Maui Research and Technology Park in Kihei, Hawaii, has offices in Virginia, Florida and Texas that have been serving the U.S. Government market for more than a decade. Akimeka is a recognized leader in the Department of Defense health services and logistics sector. Most recent awards Akimeka has garnered include: 2009 SBA National Small Business Person-of-the-Year (SBPOY), Runner-Up; 2009 SBA Hawai'i SBPOY; 2009 Ko'i Award Winner, Maui Native Hawaiian Chamber of Commerce; 2008 "Best Places to Work," Hawai'i Business Magazine.
Akimeka complements VSE's most recent acquisition, G&B Solutions. G&B is an established information technology provider to many federal agencies, including the Departments of Health and Human Services, Homeland Security, Interior, Labor, Social Security Administration, the Pension Benefits Guarantee Corporation, and the National Institutes of Health.
Akimeka founder and CEO, Vaughn Vasconcellos said, "We are excited about the opportunity to continue our growth with VSE. We share common goals with VSE and see this acquisition as very positive for the State of Hawai'i, our customers and Akimeka employees. We are committed to continuing our local community outreach which includes assisting the underserved in the communities where we live and work and also providing leadership and educational opportunities for the youth of Hawai'i."
Most of Akimeka's customers are in the Military Health System. Core expertise lies in E-health; Enterprise Architecture; Information Assurance/Business Continuity; Public Safety; Web Based Technologies and Systems Design and Integration.
VSE President and CEO/COO Maurice "Mo" Gauthier said, "The acquisition of Akimeka is a strategic move by VSE to strengthen our IT offerings, particularly in the sector of health IT. G&B Solutions, a VSE subsidiary, has health IT customers in the civilian agencies such as NIH and now we add Akimeka, which has an excellent portfolio of Defense agency health IT customers. Akimeka is a well managed, respected and profitable information technology company. Not only did we find the right strategic fit, we also found a great cultural fit. The acquisition brings over 200 employees to our staff, and it adds momentum to our strategic plan for growth and increasing profitability."
For more information on Akimeka, please visit their web site at www.akimeka.com. For more information on VSE Corporation, www.vsecorp.com.
About VSE
VSE is a diversified Federal Services company of choice with over 50 years of experience in solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for logistics, engineering, IT services, construction management and consulting. For additional information on VSE services and products, please see the Company's web site at www.vsecorp.com or contact Randy Hollstein, VSE Corporate Vice President of Sales and Marketing, at (703) 329-3206.
VSE encourages investors and others to review the detailed reporting and disclosures contained in VSE's public filings with the U.S. Securities and Exchange Commission for further information and analysis of VSE's financial condition and results of operations. The public filings include additional discussion about the status of specific customer programs and contract awards, risks, revenue sources and funding, dependence on material customers, and management's discussion of short and long term business challenges and opportunities.
Safe Harbor
This news release may contain statements that to the extent they are not recitations of historical fact, constitute "forward looking statements" under federal securities laws. All such statements are intended to be subject to the safe harbor protection provided by applicable securities laws. For discussions identifying some important factors that could cause actual VSE results to differ materially from those anticipated in the forward looking statements in this news release, see VSE's public filings with the Securities and Exchange Commission, including VSE's annual report on Form 10-K for the year ended December 31, 2009 and subsequent reports filed with the Securities and Exchange Commission.
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Source: VSE Corporation
Released August 19, 2010