SRA, a leading provider of technology & strategic consulting services & solutions, has signed a definitive agreement to acquire Era.
FAIRFAX, Va., April 30, 2008 — SRA International, Inc. (NYSE: SRX), a leading provider of technology and strategic consulting services and solutions to government organizations, today announced the signing of a definitive agreement to acquire Era Corporation, a privately held provider of advanced surveillance technologies for the air traffic management, airport operations, military and security markets.
Era is a pioneer and leading supplier of next-generation surveillance and flight tracking solutions. The company has nearly 300 employees and develops multilateration, Automatic Dependent Surveillance-Broadcast (ADS-B) and other technologies that deliver high-performance, high-reliability surveillance solutions to more than 100 customers in the U.S., Canada, Europe, the Middle East, Africa, South America and Asia. The company is headquartered in Reston, Va. with production facilities and research & development centers in the U.S. and Czech Republic.
In 2007, SRA embarked on a five-year plan to broaden its product and service offerings, to significantly increase annual revenue, and to expand operating margins. The company intends to add leading-edge product capabilities that differentiate its services in new and rapidly growing markets. By integrating hardware and software products with its core services capabilities, SRA expects to play a pivotal role in advancing the missions of its customers in the national security, civil government and health markets.
“Era is a perfect fit for SRA,” said SRA President and CEO Stan Sloane. “They are a global market leader with a solid management team, dedicated employee base and valuable intellectual property. Era has established a great track record of winning new business and exceeding customer expectations, and we anticipate that the air surveillance market will continue to offer abundant opportunities for growth as traditional ground-based radar is replaced by these more powerful, dependable systems. Era is an important part of our long-term growth plans, and will help position us strategically for leadership in advanced surveillance technologies.”
“SRA is the right home at the right time for Era to extend its growth and market leadership,” said Era President and CEO Dave Ellison. “SRA has a track record for delivering high-quality services and products, a stellar reputation in the industry and sound judgment on recognizing growth opportunities domestically and internationally. With air traffic projected to double in the next decade, the demand for Era’s surveillance solutions is growing in step. Era solutions give unmatched accuracy and performance needed to support increased operations while improving situational awareness and overall safety.”
Era has been selected for many of the competitive procurements for ADS-B and multilateration systems worldwide in the past two years, including Dublin, New York, Singapore, Thailand and Johannesburg. Era has also been recognized with the Air Traffic Control Industry’s 2007 Development Award from Jane’s Information Group and the 2007 ADS-B Technology Leadership Award from Frost & Sullivan.
Completion of the transaction is subject to customary closing conditions and Hart-Scott-Rodino review. Closing is expected by the end of SRA’s fiscal year June 30, 2008. BB&T Capital Markets Windsor Group acted as the exclusive advisor to Era in this transaction.
About Era
Era Corporation is a pioneer and leading supplier of next-generation surveillance and flight tracking solutions for the air traffic management, military, security and airport operations markets. With proven multilateration and ADS-B technologies delivering high-performance, high-reliability surveillance solutions, the company has over 100 commercial, air traffic management and military customers throughout the U.S., Canada, Europe, the Middle East, Africa, South America and Asia. Era’s investment in research and development and its track record of product innovation have resulted in a substantial patent portfolio. Era is headquartered in Reston, Va., with leading product research and development centers of excellence in the U.S. and Czech Republic. For additional information on Era, please visit www.erabeyondradar.com.
About SRA International, Inc.
SRA is a leading provider of technology and strategic consulting services and solutions —including systems design, development, and integration; and outsourcing and managed services — to clients in national security, civil government, and health care and public health markets. The company also delivers business solutions for contingency and disaster response planning, information assurance, business intelligence, environmental strategies, enterprise architecture, infrastructure management, and wireless integration.
FORTUNE® magazine has chosen SRA as one of the “100 Best Companies to Work For” for nine consecutive years. The company’s 6,400 employees serve clients from its headquarters in Fairfax, Va., and offices around the world. For additional information on SRA, please visit www.sra.com.
Any statements in this press release about future expectations, plans, and prospects for SRA, including statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements included in this press release represent our views as of April 30, 2008. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to April 30, 2008.
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