Date: Apr 09, 2013 Author: press release Source: Company Data (
click here to go to the source)
Braxton Technologies and its parent company, The O'Neil Group Co., have agreed to acquire a Boulder-based engineering company specializing in cyber security and systems integration as the first of several acquisitions Braxton is planning during the next few years.
Colorado Springs-based Braxton is acquiring Net-Centric Design Professionals LLC, which will remain in Boulder and operate as a subsidiary of Braxton, said Ken O'Neil, Braxton's president and chief operating officer and a partner in O'Neil Group. Terms of the transaction, scheduled for completion by June 30, were not disclosed. Net-Centric has 50 employees.
Negotiations to reach the agreement lasted eight months. The deal resulted from Braxton founder and CEO Frank Backes serving as a mentor to Net-Centric though the University of Colorado eSpace Incubator program.
"This purchase expands Braxton's footprint in Department of Defense cyber security and information assurance," said Kevin O'Neil, CEO of O'Neil Group. Both areas, he said, are "a key requirement for all of our existing customers, and bolstering our capabilities in this area will position us well for continuing and future work."
Much of Braxton's growth during the next few years is expected to come from acquiring small and midsized companies as the baby-boom era entrepreneur owners look to retire, rather than from winning additional government contracts amid automatic federal budget cuts that began March 1, Ken O'Neil said. Braxton officials plan to complete two acquisitions a year and are negotiating to acquire an East Coast company that specializes in global positioning system, or GPS, technology.
Braxton generated $20 million in revenue last year and employs about 100 at its downtown Colorado Springs headquarters and four other offices. The company develops software to help Air Force commands in the Springs and Los Angeles automate satellite control and other tasks.
The deal comes six months after High Valley Group, the Colorado Springs-based investment arm of the Loo family, acquired a minority stake in Braxton to finance acquisitions. Kevin O'Neil acquired a majority interest in Braxton from its founders in 2008 and moved its headquarters to the Springs from California.
—
Contact Wayne Heilman: 636-0234 Twitter @wayneheilman
Facebook Wayne Heilman
