On March 15, Camarillo, CA-based Saalex Corporation announced the acquisition of Middletown, RI-based Netsimco, an IT services and tech support provider. The transaction significantly scales Saalex’s offerings and provides it with expanded capabilities in the aerospace and DoD markets. The acquisition of Netsimco, a $30 million company, will grow Saalex to a $100 million annual revenue organization. Specific financial terms of the transaction are not being released.
Netsimco was founded in 1999 and has grown to become a leading provider of information technology support, IT services, and past performance for aerospace and defense organizations. The company has a long history of providing advanced technology solutions – on time and under budget – to its military and government customers.
“This acquisition is part of a long-term growth strategy we have put in place to significantly grow our business to become one of the largest employee-owned IT services providers in the DoD space,” said Travis Mack, president and CEO, Saalex Corporation. “Netsimco has unrivaled credibility with information tech support and past performance for its defense customers, and we are thrilled to bring that expertise and those capabilities into Saalex.”
Under terms of the transaction, Netsimco becomes a wholly owned subsidiary of Saalex, and its executive leadership will stay on with the company through the transition. Employees of Netsimco will be able to participate in the company’s employee-ownership plan. No staffing reductions are planned.
Source: Saalex
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