Hawaii Tech Provider Akimeka Acquired for $33 Million

Hawaii technology provider Akimeka was acquired by VSE Corporation (NASDAQ: VSEC) today for $33 million in cash with an additional $11 million payout if financial targets are met over the next three years. We don't see many $44 million exits in Hawaii. Akimeka describes its core competencies as E-health, Enterprise Architecture, Information Assurance/Business Continuity, Public Safety, Web Based Technologies and Systems Design and Integration.

VSE Press Release: Alexandria, Virginia, August 19, 2010 – VSE Corporation (NASDAQ: VSEC) announced today that it has acquired Akimeka LLC, headquartered in Hawaii with offices in Virginia, Florida and Texas. The purchase price was approximately $33 million in cash, with the potential for additional payment of up to $11 million if certain financial targets are met during the next three years, subject to certain adjustments. For the year ended December 31, 2009, Akimeka recorded revenues of approximately $38 million and pretax income of approximately $6.5 million. Read More