Acquired firm wins advanced weapons, sensors contract
Friday, January 07, 2005
Huntsville-based Digital Fusion Inc. said this week it has completed its acquisition of local firm Summit Research Corp., and the company has won a new contract with the U.S. Army Space and Missile Defense Command.
The $3.2 million contract, won by Summit Research, is to provide advanced weapons and sensors and airborne sensor technologies research and development, according to a Digital Fusion news release. The estimated potential value of the award is $24.4 million if all options are exercised, the company said.
Digital Fusion specializes in information technology and engineering services. The company's stock is publicly traded over-the-counter.
The acquisition of Summit Research, which provides technical support services for the U.S. Army Aviation Command at Redstone Arsenal, included cash, stock and a three-year promissory note to complete the deal, Digital Fusion reported. The sale price was not disclosed.
Digital Fusion reported Summit had unaudited revenue of $7.8 million and income of $745,000 for the 12 months ending Sept. 30.
In the quarter ended Sept. 30, Digital Fusion reported a loss of $327,000 on revenue of more than $2 million, according to filings with the U.S. Securities and Exchange Commission.
Digital Fusion said it would have about 120 employees when it completed the acquisition of Summit Research.
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