Apptis Inc. (Apptis), a privately held Chantilly, Virginia-based information technology solutions and services provider supporting primarily the U.S. Federal Government, announced today the signing of a definitive agreement to acquire SETA Corporation (SETA), a McLean, Virginia-based information technology services company supporting the Department of Defense, Department of Homeland Security and other agencies of the federal government.
Founded in 1987 by its CEO, Ranvir Trehan, privately-held SETA delivers high-end mission critical information technology services in five core areas: enterprise network management, information systems development, information assurance, systems engineering and independent verification and validation.
SETA's 2004 revenues are expected to be approximately $86 million in 2004 and all management and employees will be retained after the closing of the acquisition which is anticipated later this month or early January.
Commenting on the proposed acquisition, Apptis CEO, Steven W. Baldwin stated, "We are very pleased to be welcoming SETA and its employees to the Apptis family, and we look forward to the opportunities that SETA will bring to the enterprise. I have admired the business Ranvir has built and SETA has established long term customer relationships by consistently delivering superior quality. I personally look forward to working together with Ranvir and his outstanding organization."
Mr. Trehan commented, "Together with Apptis, I am confident our customers will benefit from the resources of a larger enterprise, allowing us to expand our capabilities while still maintaining the high-level of technical excellence and customer satisfaction that has been SETA's trademark."
Apptis also announced that after the acquisition closed, SETA will operate as a subsidiary with Mr. Trehan as President. Mr. Trehan will also be Vice Chairman of Apptis and a member of the Apptis Board of Directors. Other SETA executives and SETA's employees will all continue in their current positions.
Terms of the agreement were not disclosed.
The Windsor Group LLC acted as the exclusive investment banking advisor to SETA on the transaction.
About Apptis Inc.
Apptis is a privately held company with headquarters in Chantilly, Virginia, serving Federal Government and commercial clients. The company values integrity and partnership, encouraging its knowledgeable, ethical and flexible professionals to build strong collaborative relationships with customers. Applying leading technologies to diverse needs, Apptis creates inspiring solutions with agility and reliability, excelling in Network Engineering and Convergence, Software Engineering and Development, Storage Management, Managed IT Solutions, Security Consulting, Enterprise Support Services and Technology Deployment Services.
About SETA Corporation
SETA's solid growth is attributable to its ability at developing and maintaining long-term relationships with major customers that value the quality and responsiveness of SETA services. SETA's commitment to quality is signified by the Company's attainment of SEI-CMM Level 3 ratings since 1998. The company is also frequently recognized by customers through numerous commendation letters citing the excellence and professionalism of its staff. SETA provides added value through its Center for Advanced Technology, which assists customers in the evaluation, integration and demonstration of new solutions before adoption and full-scale deployment.
Combining a customer base spanning key segments of the Federal information technology market, national defense, homeland security and health and human services with core competencies in systems engineering and network technologies. SETA will bring a valuable platform to the new enterprise.