SRA to Acquire Era Corporation
30 April 2008
SRA International, 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 US, Canada, Europe, the Middle East, Africa, South America and Asia. Era is headquartered in Reston, Va. with production facilities and research & development centers in the US 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 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.
