Federal Services Acquisition buys Advanced Technology Systems
- By David Hubler
- Jan 17, 2007
Federal Services Acquisition Corporation, a New York-based holding company for businesses in the federal services and defense industries, announced completion of its purchase of Advanced Technology Systems, a provider of information technology consulting services to federal agencies.
FSAC said in a statement Jan. 16 that it had acquired all outstanding capital stock of ATS, which has become a wholly owned subsidiary of FSAC. Upon completion of the acquisition, FSAC changed its name to ATS Corp.
Though financial terms were not reported, when the acquisition was first announced in April 2006, the deal reportedly included $84 million in cash upfront, plus as much as $39 million more based on ATS’ performance over the next two years.
Edward Bersoff, vice chairman and a director of FSAC, was named ATS’ chairman, president and chief executive officer.
“We are extremely pleased to complete this acquisition,” Bersoff said in the statement.
“Getting to this point has been difficult and time-consuming, but we believe the completion of the acquisition of ATS and the implementation of our business strategy will be rewarding for all of our core constituents – stockholders, employees and customers,” he added. The deal was about nine months in the making, according to the company.
Bersoff was founder, president and chief executive officer of BTG, which was sold to Titan in 2001.
ATS, based in McLean, Va., counts several Defense Department agencies, the Homeland Security Department and the Department of Housing and Urban Development among its customers. Government and government-sponsored organizations accounted for about 90 percent of its revenue in fiscal 2005, according to the company.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.