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KEYW To Acquire Everest Technology Solutions

HANOVER, Md., Dec. 2, 2010 (GLOBE NEWSWIRE) -- KEYW Corporation (Nasdaq:KEYW) is pleased to announce that it has entered into a purchase agreement to acquire Everest Technology Solutions, Inc. ( www.everesttsi.com), a highly regarded, privately-held provider of cyber superiority solutions to the U.S. Intelligence Community (IC). The transaction is expected to close in December 2010, subject to customary closing conditions. 

Everest was founded in 1998 and is headquartered in Fairfax, VA. They offer a broad range of cyber superiority solutions and support including geospatial intelligence systems, cybersecurity, cloud computing and mission support. Everest has generated $15.1 million in revenue in the first nine months of 2010 (unaudited), and is projected to deliver 2011 revenue in the range of $25-28 million. The company is expected to deliver profitability in line with our previous acquisitions. They have approximately 110 employees, of whom approximately 105 have security clearances, at the level of TS/SCI. 

"Everest Technology Solutions is another important strategic acquisition for KEYW that adds both breadth and depth to our customers and capabilities," according to Leonard Moodispaw, CEO and President of KEYW Corporation. "Everest is KEYW's ninth acquisition since we began operations in August 2008, and our fourth acquisition this year. When completed, the acquisition will bring KEYW to over 700 highly skilled employees, with over 80% cleared at the highest level, TS/SCI. With each acquisition, KEYW is expanding its cyber superiority platform for providing agile solutions to the intelligence and defense community."

Under the terms of the agreement, KEYW will purchase all of the outstanding capital stock of Everest for $28.0 million in cash and $2.0 million in shares of KEYW Common Stock (exclusive of accounting and attorney fees and customary closing costs and adjustments). The number of shares of KEYW stock issued will be based on the average closing price of KEYW common stock for the ten trading days immediately preceding closing. KEYW expects that the acquisition will be accretive, subject to a final purchase price accounting analysis. 

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