WidePoint (WYY) Acquires Avalon Global Solutions in $11.5M Deal
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WidePoint Corporation (AMEX: WYY), has acquired privately held Avalon Global Solutions, Inc. (AGS), a leading provider of communications lifecycle management services, technology, and solutions predominantly to the commercial sector.
Under terms of the acquisition agreement, WidePoint paid $7.5 million in cash at closing on December 31, 2011, and will pay up to an additional $4 million in cash over approximately three years if certain financial targets are achieved. WidePoint management expects the acquisition of AGS to contribute at least $10 million to $11 million in revenue for the full year 2012. The acquisition is also expected to be accretive to WidePoint's net income in 2012.
Under terms of the acquisition agreement, WidePoint paid $7.5 million in cash at closing on December 31, 2011, and will pay up to an additional $4 million in cash over approximately three years if certain financial targets are achieved. WidePoint management expects the acquisition of AGS to contribute at least $10 million to $11 million in revenue for the full year 2012. The acquisition is also expected to be accretive to WidePoint's net income in 2012.
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