ATS Corporation Completes Acquisition of Number Six Software, Inc.
MCLEAN, VA – (BUSINESSWIRE) – November 12, 2007, McLean, VA. ATS Corporation (“ATSC”) (OTCBB:ATCT.OB), a leading information technology company that delivers innovative technology solutions to federal, state, and local government organizations, today announced that it has completed the previously announced acquisition of Number Six Software, Inc. (“Number Six”), a provider of application development and information technology consulting to both government and commercial customers. This acquisition supports ATSC’s strategic growth plan to broaden its information technology services expertise and add new customers in each of ATSC’s target sectors.
ATSC Chairman, President and Chief Executive Officer, Dr. Edward Bersoff, stated, “We are pleased to complete the acquisition of Number Six. This transaction adds scale and customers in both government and commercial markets. It also establishes a strong platform for growth in 2008 and beyond and demonstrates our ability to accomplish our priority initiatives.”
ATSC expects Number Six to generate annual revenues of approximately $33 million in 2007 with EBITDA (earnings before interest, taxes, depreciation and amortization) unadjusted for potential synergies of approximately $3.6 million. EBITDA is not a recognized term under U.S. generally accepted accounting principles and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.
Further, ATSC expects approximately 15% in revenue growth for Number Six in 2008, with $1.5 to $2.0 million in potential EBITDA growth and synergies over the next 12 to 18 months through a combination with ATSC operations. As a result, ATSC expects the transaction to be accretive to earnings in 2008.
About Number Six Software, Inc.
Number Six employs approximately 175 professionals, delivering information technology governance, software process improvement and custom application development to both commercial and government customers. Headquartered in Vienna, Virginia with six satellite offices in the southeast and mid-western United States, the Company brings together the teams, methods and processes necessary to resolve risk, define requirements and manage assets throughout the system lifecycle. Additional information about Number Six can be found at www.numbersix.com.