HANOVER, Md., Sept. 10, 2012 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (Nasdaq:KEYW) is pleased to announce it has entered into a definitive agreement to acquire Annapolis Junction, Maryland-based Poole & Associates, Inc. (Poole), a highly respected, mission-centric provider of systems and software engineering services to the U.S. Intelligence Community. The boards of directors of both companies have approved the transaction, which is expected to close within the next 60 days, subject to customary closing conditions. The acquisition is expected to be immediately accretive to earnings, subject to final purchase price accounting.
Founded in 1999, Poole offers a broad range of high-end technical capabilities including systems and software engineering, program management support, and technical training. Notably, Poole was recently awarded a five-year prime contract with a ceiling value of $150 million to provide systems engineering and program management support to an Intelligence Community customer. In the first six months of 2012, Poole generated $24.8 million in revenue and expects to generate more than $35 million in revenue in the second half of 2012. As of June 30, 2012, Poole had a total backlog of approximately $225 million. Poole is expected to add approximately $90 million in revenue to KEYW in 2013 at profitability consistent with previous KEYW acquisitions.
"We are extremely pleased to be adding Poole to the KEYW family. Mike Poole and his team are highly respected and trusted by our largest customer, evidenced by the recent award of a large, multi-year unrestricted prime contract supporting this customer," commented Leonard Moodispaw, CEO and President of KEYW Corporation. "The acquisition of Poole continues to expand KEYW's footprint with one of our most important customers and adds several prime contract vehicles we believe have significant growth potential with a key customer. Culturally, Poole's agile, mission-centric approach to solving customer problems aligns perfectly with KEYW.""We have known the KEYW team for many years, and as Poole & Associates entered this next high growth phase, we looked to KEYW as a partner with a similar culture that seeks to retain the small company feel and agility while adding economies of scale to compete for and manage large scale programs," added Mike Poole, founder and CEO of Poole & Associates. "KEYW's focus on customer mission, innovation, and employee satisfaction makes it the ideal match for Poole, and we are excited to be joining forces with them."