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Year End Newsletter
Featuring: 2010 Government Services M&A Recap 2011 Government Services M&A Outlook 2010 Public Company Performance IPO Markets Thaw
www.aronsoncapitalpartners.com | 301.231.6200 P | 301.231.7630 F | email@example.com | 805 King Farm Boulevard, Suite 300 | Rockville, Maryland 20850
© 2011 Aronson Capital Partners. All rights reserved. This is a confidential document. Securities transactions are executed by Aronson Capital Advisors, LLC (member FINRA-SIPC)
nimble mid-sized companies. which were ultimately extended through 2012. Seismic LLC $25. cyber solutions and high-end enterprise architectures to the IC Delivers cyber security and mission systems in support of critical intelligence.] Global Defense Technology & Systems. counterterrorism. Narus. SystemWare. With 98 deals closed or announced. LLC NA NA NA 9/13/10 Zytel Corp $26. Inc. NA NA NA 2/1/10 CACI International. NA NA NA © 2011 Aronson Capital Partners. NA NA NA 4/28/10 Applied Signal Technology. this sector remains ripe for consolidation as larger contractors align their capabilities with federal spending priorities. 2010 deal volume was up 46% over 2009. Deal Value While deal volume on the whole is on the rise.0 x 7/30/10 Boeing Co. (TCS) Target Business Description Delivers cross-domain operating system and cyber security software that enables organizations to share information securely across multiple classification levels Provider of large scale data fusion systems. Inc. data management. The M&A markets also benefited from a recovering economy and improved financing terms. Inc. Securities transactions are executed by Aronson Capital Advisors. software engineering. Inc. This is a confidential document. All rights reserved. Inc. Niche. we saw the hot areas of interest narrow 80 60 40 20 0 2006 2007 2008 2009 2010 107 93 81 98 67 Cyber Security Cyber Security M&A in 2010 was dominated by privately held. The hottest segments in 2010 were Cyber Security. and systems engineering and integration services for the US DoD & IC Provides services management and infrastructure security solutions to service providers and national governments worldwide Designs and manufactures state-ofthe-art signals acquisition and analysis systems enabling users to monitor and detect physical and cyber security threats Enterprise Value ($M) EV/TTM Revenue Multiple EV/TTM EBITDA Multiple 11/4/10 Raytheon Co. high-end cyber security and intelligencefocused companies accounted for the majority of 2010 M&A activity and commanded premium valuations compared to their generalist information technology and professional services counterparts. The increase was primarily driven by shifting federal spending priorities and threatened expiration of the Bush tax cuts. Novii Design. 100 significantly throughout 2010. As the federal government continues to experience cyber attacks from terrorist groups and nation states.8 1. returning to pre-recession levels. Date Buyer 2010 TOP CYBER SECURITY DEALS Target Trusted Computer Solutions. Inc. Intel/C4ISR and OCI–driven divestitures.0 1. Inc. Inc.YEAR END NEWSLETTER 1 2010 Government Services M&A Recap M &A activity in the government services sector rebounded to have a strong year in 2010 following the 2009 lull. LLC [Six3 Systems.7 x NA 2/10/10 Science Applications International Corporation (SAIC) CloudShield Technologies. and cyber warfare missions Provides real-time network traffic and analytics software used to protect against cyber attacks and persistent threats aimed at large Internet Protocol networks Specializes in cyber security solutions.3 x 9. LLC (member FINRA-SIPC) . NA NA NA 9/29/10 GTCR Golder Rauner.
074.7 x 3/2/10 IBM Corp. (ITT Business Unit) GD Advanced Information Systems (GDIT Subsidiary) $235. DOE. US Navy. 2010 TOP INTEL/C4ISR DEALS Target Applied Signal Technology. that form the basis for intelligence analysis and military operational planning National security and intelligence services firm serving US federal government clients in the DOD. Boeing Co.0 1. DHS. The Analysis Group. intelligence data collection and exploitation.3 x 9. Inc. Mission Solutions Engineering (MSE) (CSC Business Unit) Enterprise Integration Group (Lockheed) QinetiQ plc [North America’s Security and Intelligence Solutions (S&IS)] TechTeam Government Solutions (TechTeam Global Inc.0 $775. lessons learned. NASA. and Federal Civilian customers Designs and produces systems and sensors for the C4ISR markets Provider of IT. DHS. and mobile device computing. CACI completed two acquisitions in the 2nd half of 2010 to fulfill its capability gap in the growing geospatial intelligence priority market.0 NA NA © 2011 Aronson Capital Partners. and support to military operations Provides imagery and geospatial services.4 x NA 8/18/10 8/5/10 CGI Group.1 x 11. DoD. data visualization.YEAR END NEWSLETTER 2 2010 Government Services M&A Recap (continued) Intel/C4ISR Intel/C4ISR continues to be a hot M&A segment due to the number of available acquisition targets that focus on the areas of new spending priority.5 x 10/8/10 ManTech International Corp. All rights reserved. and IC Information technology provider and full spectrum systems integrator to the US DoD.1 x NA 10/5/10 Jacobs Engineering Group IT solutions company that provides systems integration. Date Buyer Target 2010 TOP DIVESTITURES Target Business Description Full-service systems and software engineering provider with expertise in engineering complex and large-scale systems and incorporating open-source technology Provider of mission-critical systems engineering/integration and risk mitigation services to the IC Provides integrated security solutions to the DoD and the IC Enterprise Value ($M) EV/TTM Revenue Multiple EV/TTM EBITDA Multiple Pending ASRC Federal Holding Co. Following Northrop Grumman’s 2009 divestiture of TASC. Inc. National Interest Security Company. Inc. TechniGraphics. US Army.2 x EV/TTM EBITDA Multiple 16.0 1.3 x NA Divestitures As anticipated. Argon ST. geospatial intelligence. $355.0 EV/TTM Revenue Multiple 2.3 x 12. Date Pending Buyer Raytheon Co. Subsidary) NA NA NA 11/23/10 Veritas Capital $815. and management technology consulting services and solutions for the IC. specific sub– segments of acquisition priority included agile web development.0 1.0 1. Inc. with public companies purging their portfolios of any OCI potential. NA NA NA 8/27/10 AECOM Technology Group McNeil Technologies. NA NA NA 2/25/10 KEYW Corp. During 2010. Inc. MDA and others $43. LLC (NISC) $1. homeland security. LLC (TAG) $62. Securities transactions are executed by Aronson Capital Advisors. and FHIT community Provides operational analysis.0 x Pending BAE Systems Plc L-1 Identity Solutions (Intelligence Services Group) $303. and ERP implementation support to DHS.2 x 2. Target Business Description Specializes in the collection and processing of communications signals to support tactical and strategic intelligence missions Supplier to US intelligence and defense communities focusing on intelligence and counterintelligence. $55.and mediumclass satellites for US Air Force. including digital maps. For example. IC. Inc. multi–INT data fusion. wargaming.3 x 11/1/10 CACI International.3 x 17. the Federal Government’s increasing sensitivity to OCI’s pushed large tier-1 primes to review their portfolios and decide which side of the OCI divide to commit to. and US Army Corps of Engineers Provides SETA services including systems engineering and analysis support for theater missile defense for a wide range of military applications Develops and builds small. information management.0 NA NA 9/8/10 Court Square Capital Partners CAS. enterprise application integration.0 NA NA 4/2/10 Orbital Science Corp. Stanley. $60.0 1. LLC (member FINRA-SIPC) . 2010 witnessed similar divestiture activity. Inc. simulation. This is a confidential document. and program management to national security agencies with hard-to-solve problems Enterprise Value ($M) $490.0 1. Inc.
VIRTUALIZATION/CLOUD COMPUTING Cloud computing is fundamental to the Obama Administration’s technology strategy – requiring more efficiency out of IT as a whole – by expanding usability and accessibility while reducing costs. Encompassing aspects of cyber security and cloud computing. and weaken terrorist networks. protests and delayed procurements. and ISR platforms manufactured throughout the past decade. sensors. agencies will be implementing a “Cloud First” policy. causing agencies to rely heavily on contractors to fulfill this government-wide mission-critical need. continue to analyze their portfolios and acquire firms that fill capability gaps to position them in high priority markets that create additional financial growth in profitable areas. fueling M&A.S. DATA FUSION Intelligence operations have transitioned from the monitoring of large military forces to the tracking and locating of specific individuals in remote areas. and rumors of insourcing. security. national security. contractors with infrastructure protection capabilities and long-standing relationships with DHS / DOE will be prime acquisition targets in 2011. UAV’s. faced with lower organic growth rates. energy grid and other critical infrastructure systems remain highly vulnerable to terrorist threats. military forces begin to transition out of the Middle East. Securities transactions are executed by Aronson Capital Advisors. CRITICAL INFRASTRUCTURE PROTECTION The 2009 National Infrastructure Protection Plan consolidated a wide range of efforts to protect and secure the nation’s critical infrastructure and key resources into one program.S. Nonetheless. Considering the Government’s track record of failing to draw top talent away from the more lucrative private sector. this trend of heavy cyber contractor reliance will continue into 2011 and beyond. we expect 2011 government services deal volumes to be consistent with 2010 – and the following sectors will experience the lion’s share of this activity in 2011: CYBER SECURITY The Federal Government continues to fall well short of its cyber personnel targets. International development is a key element of U. © 2011 Aronson Capital Partners. Contractors with significant exposure to defense cuts will target firms with soft power capabilities as U. The IC is therefore challenged to find technologies and solutions that assimilate and transform this abundance of data into actionable intelligence in real-time so that decision makers in theatre can fulfill mission requirements. and reconstruction of post-conflict areas. M&A activity in 2011 will be fueled by strategic buyers’ interests in realigning their portfolios with long–term spending priorities. Therefore. All rights reserved. Consistent with OMB’s 25 Point Plan. increased competition. Strategic buyers. SMART POWER There is an evolving shift towards smart power. as the Pentagon realizes the need for an increased civilian role in promoting the stability.YEAR END NEWSLETTER 3 2011 Government Services M&A Outlook D espite federal budget pressures. requiring a significant amount of contractor support in the near term. The IC is currently faced with an overabundance of information collected through thousands of satellites. reduce regional conflicts. the U.S. This is a confidential document. as nation-building activities boost political stability. LLC (member FINRA-SIPC) .
0 x 5. combined with key contract wins (UNITeS follow-on.802 $5. Stock Price 12/31/2010 $69.162 $19. Raytheon Co.5 x 5.234 TTM Revenue $31.174 $1.5% EV/TTM EBITDA 6.009 $17. Inc.967 Enterprise Value $28.). (NYSE:SAI) $16.9 x 6. growth in margins.6 x © 2011 Aronson Capital Partners.6B DHS HQ IT and Air Force’s $2.4 x 5. SET Corp.97 $45. reducing OCI concerns 120 115 110 105 100 95 90 85 80 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 -3.7% • Strong earnings growth through Q2 2010 due to large ID/IQ wins.388 $1.87 $65.732 $3. This is a confidential document.6% 12.04 TIER 1 FIRMS Market Cap $26. ITT Corp.557 $1.031 TTM EBITDA $4.9% • Significant YTD price decresases in light of revenue and earnings growth falling short of estimates. L-3 Communications Lockheed Martin Corp. except per share price Firm General Dynamics Corp.127 $6. and share repurchases • Key wins on $2.7 x 0.022 $21.075 $24. LLC (member FINRA-SIPC) . LLL.763 $5.903 $3.0 x 0. NOC. which has historically constrained margins SAIC.84 $69.85% 12.965 $11.978 $35.15 $52.84 6 1 8.79 $70.7% 14.8 x 6.3 x 1. Harris Corp.018 $25.692 $8.7 x 0.8 x 5.5% 10. SAIC.697 $27. Securities transactions are executed by Aronson Capital Advisors.633 $45. may provide upside going into 2011 Tier 1 Index: GD.3% • Sub-par revenue and earnings performance throughout the year.513 $11.3B advanced targeting pods ID/IQs • Performance driven by revenue growth in Aerospace Systems and Technical Services segments • TASC divestiture complete.04 6 15.792 $9.6 x 5.021 $1.78% • Currently evaluating strategic alternatives for $6B shipbuilding segment. All rights reserved. LMT. Inc. analyst downgrades.6% in 2010 • Uncertainty regarding the continued role of the armed forces in overseas wars persists • Federal deficit is placing significant pressure on spending and procurements in certain areas Secretary Gates intends to slash $100B of defense spending by 2015 • Congressional stalemates have resulted in delays for budget approvals and a continuing resolution • Intense competition is driving tighter pricing and narrower margins Larger contractors are pursuing smaller contracts L-3 Communications Holdings.6 x 0. Inc. and reduced guidance driven by procurement and funding delays • Revenue for Iraq support work is down as troop withdrawals continue • Lost the recompete of the $5 billion Special Operations Forces Support Activity (SOFSA) contract.888 $15. (NYSE:NOC) $65. SAI $ in millions.431 $5.409 $10.1% 9.15 5 16. driven by unexpected delays and a longer cycle for the conversion of awards to revenue • Disavowed 6-9% long term growth goals due to federal budget uncertainty • Development of cyber security and healthcare IT capabilities through M&A activity (Cloud Shield Technologies.962 $4. ITT.6 x 0. HRS.YEAR END NEWSLETTER 4 2010 Public Company Performance: Tier 1 Firms HIGHLIGHTS • Tier 1 defense contractors trailed the S&P by 16.15 $46.9 x EV/TTM Revenue 0.8% 21.052 TTM Margin 13.9 x 1. Northrop Grumman Corp. RTN.877 $10. I3P EAST).09 $16.3% 12.565 $6.7% 10. awarded to Lockheed Martin (3% of L-3’s 2009 sales) • Declining revenue in the company’s government services segment and lower forecasted margins in the C3ISR Segment Northrop Grumman Corp. (NYSE:LLL) $70.023 $16.
6 x 0. Inc. Inc. (NASDAQ:DRCO) $13. particularly those from divestitures of large contractors with OCI concerns ManTech International Corp.7 x EV/TTM Revenue 0.144 TTM Revenue $3.0% 8.8 x 8.7 x © 2011 Aronson Capital Partners. All rights reserved. DRCO. pursuing EAGLE II through Kadix Systems. except per share price Firm CACI International.673 TTM EBITDA $256 $26 $14 $65 $230 $42 $149 TTM Margin 7.78% 8.3 x 10. TEAMS.5 x 7. Inc.7 x 0.567 $351 $1.5% 7. Dynamics Research Corp. DESP II.8% • 2010 quarterly earnings up significantly over 2009.68 $23.40 6 15. oversight.3 x 6. SRA International. (NASDAQ:MANT) $41.11 $26. PPMSS.8% • Significant management changes: Larry Prior abruptly resigns as President and COO in July. ManTech International Corp.4% • NCI announced its plans in May to increase its internal investment and resources to fund long-term growth. causing NCI to reduce EPS guidance • Lower margin BRAC work is also negatively impacting overall margins • Judith Bjornaas resigned as CFO in December to accept an SVP position with ManTech • Raised $200 million of public debt to fund working capital and strategic acquisitions necessary to reach management’s stated goal of $1 billion in revenue in the next three to five years Mid-Tier Index: CACI.5 x 0. Inc. NCI.74 $13.35 $17.7% 9.244 $268 $206 $746 $2. driven by a strong pipeline.3 x 9. SRX $ in millions.61 MID-TIER FIRMS Market Cap $1. these investments will cause a short-term decline in profitability.516 $317 $1.8% 8. LLC (member FINRA-SIPC) . Inc. Securities transactions are executed by Aronson Capital Advisors. and regulations • Positive outlook for intelligence agency support ($80B market) modernization. acquired in January for $242 million in order to broaden C4ISR capabilities and reach deeper into the high-end intelligence and defense market. Stock Price 12/31/2010 $53. Inc.969 $135 $148 $605 $1. This is a confidential document. including EAGLE.68 6 1 3.40 $21.9% EV/TTM EBITDA 7.617 $134 $156 $506 $1. ICFI. Inc.8 x 0. segment heads assume COO responsibilities for segment operations • Sensor Technologies. and growing strategic capabilities in priority areas like cyber security and healthcare IT • Continued profit from awards on key ID/IQ vehicles. acquisitions support) Obama’s federal hiring freeze may inhibit the trend • Contract awards have slowed in the face of changing acquisition policies. CEO George Pedersen assumes president role.9% 9.35 5 25.7 x 5. • Management is being selective of acquisition opportunities. • Profitability declines attributed to a more competitive environment and the impact of the STI acquisition 120 115 110 105 100 95 90 85 80 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 12. MANT.06 $41. GTEC.6 x 0. logistics systems. Global Defense Technology ICF International. and cyber security Dynamics Research Corp. and LMSS • Placed on Net-Cents II (November).YEAR END NEWSLETTER 5 2010 Public Company Performance: Mid-Tier Firms HIGHLIGHTS • Mid-Tier services firms have tracked the S&P and out-performed traditional Tier-1 contractors by 12% in 2010 • IT services firms positioned to benefit from the government’s emphasis on “doing more with less” • Insourcing policies have poorly impacted certain areas (SETA. high win rate (nearly 100% in Q1). (NASDAQ:NCIT) $23.7 x 0. NCIT. additional acquisitions include QinetiQ’s S&IS segment and MTCSC Inc.448 $535 $1.01% NCI.4% 7.234 Enterprise Value $1.
government in the defense. government services industry IPOs also accelerated in 2010. This was the first time that multiple government services companies went public in the same year since 2006 (SAIC & DynCorp) – a feat we expect will be repeated in coming years as the public markets continue to stabilize. (GTEC) tested the IPO waters. and acquisition and program management IPO Metrics1: Revenue: $5. systems engineering and integration. Primary Customers: Broad customer base across the DoD. The exhibit below provides a comparison: KEYW KEYW Holdings Corp (KEYW) provides hardware and software development and system integration services to the Intelligence Community (IC) BOOZ ALLEN HAMILTON Booz Allen Hamilton (BAH) provides management and technology consulting services to the U. Compared to Booz. Booz went public on 11/17/2010. KEYW has since completed nine acquisitions. IC-focused customer set. a comparison of the KEYW & Booz IPO’s provides insightful analysis on current government services valuation dynamics.YEAR END NEWSLETTER 6 IPO Markets Thaw S imilar to M&A activity. Though the companies share some similarities. The company went public on 10/1/2010 and is using the IPO proceeds to pay off existing debt and to fund additional acquisitions.4x Stock performance since IPO (at 12/31/2010): +14% IPO metrics are calculated by ACP as of the respective IPO offering date based on information included in the prospectus. cyber technologies.323M Estimated Net IPO Proceeds: $217M EV/Revenue: 0.5B. KEYW achieved a significantly higher IPO valuation due to the Company’s niche cyber security capabilities. intelligence and civil markets Background: Founded by Len Moodispaw in August 2008. processing. Securities transactions are executed by Aronson Capital Advisors. analysis and use of intelligence data and information in cyber space IPO Metrics1: Revenue: $115M Estimated Net IPO Proceeds: $76M EV/Revenue: 2. IC. including strategy and process improvement.6x EV/EBITDA: 8. Primary Customers: Specific focus on the NSA. business analytics. This is a confidential document. and the DoD Core Capabilities: Mission critical cyber security and cyber superiority solutions and products that support the collection. All rights reserved. Inc.9x Stock performance since IPO (at 12/31/2010): +47% 1 Background: Founded by Edwin Booz in 1914. Booz Allen Hamilton Holding Corp (Booz) & KEYW Holding Corp (KEYW) followed with successful offerings. formerly of Essex Corp.0x EV/EBITDA: 26. and Federal Civilian agencies Core Capabilities: Broad base of management and technology consulting services. the public sector portion of the company was acquired in 2008 through a leveraged buyout by the Carlyle Group for over $2. using the proceeds to pay off existing debt.S. LLC (member FINRA-SIPC) . rapid revenue growth and expanding profitability outlook. other IC agencies. © 2011 Aronson Capital Partners. A year after Global Defense Technology & Systems.
the universe of publicly traded government services firms was quickly diminishing. intense competition. and insourcing threats.g. as shown below: KEYW Performance Since Filing: Until the aforementioned IPO’s. security clearances) resulted in a premium valuation compared to Booz. As evidenced by recent M&A transactions in the space. Securities transactions are executed by Aronson Capital Advisors. we expect the universe of public buyers to once again expand through new IPOs. closing deals with Sycamore. Argon. These broader IT-focused firms are more susceptible to budgetary headwinds. and Everest Technology Solutions since the IPO filing. US. BAH Performance Since Filing: © 2011 Aronson Capital Partners. the NSA) demand premium valuations compared to their more general counterparts with broad DoD and Federal Civilian customer sets. Going forward. This demonstrated execution has driven the company’s valuation even higher since filing. This is a confidential document. LLC (member FINRA-SIPC) . Inc. niche cyber security firms focused on the IC (and in particular. driven by more stringent OCI’s and a public market environment that is more receptive to IPO’s. resulting in reduced values. All rights reserved. L-1 Identity Solutions (pending) and Applied Signal Technology (pending) all announced transactions during 2010 – a significant consolidation for the market as a whole.YEAR END NEWSLETTER 7 IPO Markets Thaw (continued) KEYW’s positioning within faster growing markets with significant barriers to entry (e. Stanley. KEYW also continues to execute on its M&A growth strategy with acquisitions.
and buy-side M&A. n n facts about a cp : n Established in 1999.6225 ldavis@aronsoncapitalpartners. He has completed notable transactions including: Zytel. our principals have decades of executive level. Securities transactions are executed by Aronson Capital Advisors.231. Prior to founding ACP. 6202 firstname.lastname@example.org Larry has completed over 30 M&A transactions with aggregate deal value in excess of $1B. mergers & acquisitions: n n corporate finance: n n financial advisory: n n n n n n Sell–Side M&A Buy–Side M&A Private Equity Platform Acquisitions Management & Leveraged Buyouts Divestitures Asset Sales n n n n n Recapitalizations & Restructurings Common & Preferred Equity Senior Debt Subordinated Debt Convertible Debt Private Equity Investments Minority Equity Investments n n Internal Capital Transaction Advisory Independent Corporate Valuations Fairness Opinions Strategic Alternatives Assessments © 2011 Aronson Capital Partners. and middle-market lenders to complete transactions. and financial advisory services. AEPCO. RavenWing. He has 15 years executive experience with a $2B federal contractor. Seismic. In Larry Davis 301. We exercise our specialized domain expertise in the Defense. management buyouts.YEAR END NEWSLETTER | ACP OVERVIEW 8 Who Is Aronson Capital Partners? addition to completing more than 40 transactions in the federal sector. private equity firms. Larry is a widely recognized expert and is a frequent speaker at industry events and a sought after advisor to owners of emerging growth companies. aronson capital partners leadership: n A ronson Capital Partners is a leading financial advisor to government services and technology firms. John has completed over 50 M&A transactions with aggregate deal value in excess of $2. LLC (member FINRA-SIPC) .com John saunDers 301. Larry was a CFO of a middle-market federal IT firm for 15 years. All rights reserved. DDK. ESOPs. 6209 jsaunders@aronsoncapitalpartners. including sell. hands-on experience in the industry – a key differentiator that leads to success. We complete a variety of transactions that are tailored to shareholder objectives. Phil was a finance executive at a NY-based private equity fund. with over 40 completed transactions Completed 10 transactions in the past two years n Focused exclusively on the government services and technology sector 90%+ success rate Principals have closed nearly 100 transactions worth more than $3.231.com PhiL McMann 301. Intelligence. Prior to joining ACP. i2S.231. This is a confidential document. These relationships provide options and flexibility for our clients.5B. corporate finance. Our principals leverage their close relationships with a wide array of key decision makers of strategic buyers.5B in aggregate value n n n capabilities: Aronson Capital Partners is a full service investment bank providing mergers & acquisitions. and TMS. particularly in the Intelligence and Defense markets. and recapitalizations. John has also raised over $1B in equity and debt capital in public and private transactions. Phil has extensive M&A experience in the federal sector. and Federal Civilian markets to achieve exceptional results for our clients.
P . L. LLC (member FINRA-SIPC) . in this transaction © 2011 Aronson Capital Partners. June 6. Inc.. Securities transactions are executed by Aronson Capital Advisors. and other shareholders Financing for this transaction was provided by The undersigned served as the exclusive financial advisor to McMunn Associates. 2010 has acquired The undersigned served as the exclusive financial advisor to Applied SignalTechnology.. This is a confidential document. Inc. Inc. All rights reserved. 2009 has been acquired by The undersigned served as the exclusive financial advisor to 24/7 Solutions. 2008 Confidential Seller has been acquired by has completed a recapitalization transaction and acquired certain holdings of Grosvenor Special Ventures IV. in this transaction The undersigned served as the exclusive financial advisor to the confidential seller in this transaction The undersigned served as the exclusive financial advisor to Ideas to Solutions. in this transaction February 27 2009 . in this transaction April 16. Inc. Inc.YEAR END NEWSLETTER | TRANSACTIONS 9 Recent Transactions April 28. Inc. (i2S) in this transaction December 31. 2007 Advanced Engineering & Planning Corp. has been acquired by The undersigned served as the exclusive financial advisor to Advanced Engineering & Planning Corp.
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