Exhibit 99.1
VSE
CORPORATION ACQUIRES AKIMEKA LLC
Acquisition
Builds on Strategy to Increase Profitability
Alexandria,
Virginia, August 19, 2010 – VSE Corporation (NASDAQ: VSEC) announced today that
it has acquired Akimeka LLC, headquartered in Hawaii with offices in Virginia,
Florida and Texas. The purchase price was approximately $33 million in cash,
with the potential for additional payment of up to $11 million if certain
financial targets are met during the next three years, subject to certain
adjustments. For the year ended December 31, 2009, Akimeka recorded revenues of
approximately $38 million and pretax income of approximately $6.5
million.
Akimeka
is a health services information technology consulting company serving the U.S.
Government market. Akimeka is a recognized leader in the Department
of Defense health services and logistics sector. Some of the awards given to
Akimeka include: SBA National Small Businessperson of the Year (runner up) 2009;
SBA Hawaii Small Businessperson of the Year 2009: Ernst and Young Hawaii
Entrepreneur Award finalist and Best Places to Work, Hawaii Business
Magazine. The company has a world-class technical team skilled at
developing creative information technology (IT) health care solutions within
government systems and protocols. 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.
Akimeka
complements VSE’s most recent acquisition, G&B Solutions. Our
subsidiary G&B is an established information technology provider to many
federal agencies, including the National Institutes of Health, Departments of
Health and Human Services, Homeland Security, Interior, Labor, Social Security
Administration and the Pension Benefits Guaranty Corporation.
Maurice
“Mo” Gauthier, CEO of VSE, said, “The acquisition of Akimeka is a strategic move
to strengthen our IT offerings, particularly in the sector of health
IT. G&B Solutions has health IT customers in the civilian
agencies 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 we
believe it will add momentum to our strategic plan for increasing
profitability.”
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 we see this acquisition as very
positive for Akimeka’s employees, our customers, the state of Hawaii and
VSE.”
For more
information on Akimeka, please visit their web site at www.akimeka.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 contains 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.
VSE News
Contact: Keren Ackerman -- (703) 329-4605.
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