Global Defense & National Security Systems, Inc. successfully completes transaction with STG Group Inc.
Global Defense & National Security Systems Inc. (“GDEF” or the “Company”), a special purpose acquisition company focused on the U.S. defense and national security sector, announced the successful completion on November 23, 2015, of the previously announced transaction with Reston, VA-based STG Group, Inc. (“STG”), a leading provider of cyber, software and intelligence solutions to the U.S. government. At the closing of this transaction, the company changed its name to STG Group, Inc. and anticipates trading under the ticker STGG shortly.
Simon Lee, Founder and Chairman of STG, said “We are pleased to welcome our investors and partners in a deal that positions STG to realize its full potential. I look forward to working together with my board colleagues as we pursue new growth opportunities and build a market leader to create value for investors, clients and employees.”
Damian Perl, Chairman of GDEF and Chairman and CEO of Global Strategies Group, said, “We launched our GDEF initiative in 2013 and have precisely achieved our objective. In STG we have a highly capable platform from which to build a leading, mission focused business across U.S. defense and national security, utilizing our considerable operational and investment experience.”
The transaction is expected to create significant opportunities for growth by combining STG’s broad client base and significant differentiated capabilities with GDEF’s extensive network of government and industry relationships and business best practices. The company intends to pursue acquisitions of innovative mission-critical companies to enhance and complement its current capability and serve a large addressable market.
With the closing of this transaction, the company has changed the composition of its Board of Directors. Mr. Lee will serve as Chairman of the Board of Directors; he is joined on the Board by Mr. Perl, Chairman and CEO of Global Strategies Group; Hon. David Gompert, former Acting Director of National Intelligence; Hon. Ronald Spoehel, former CFO of NASA and ManTech; and Vice Admiral (Ret.) Robert Murrett, former Director of the National Geospatial-Intelligence Agency. Paul Fernandes will continue as President and Chief Operating Officer and newly appointed Charles Cosgrove will serve as Chief Financial Officer. Dale Davis, Chief Executive of GDEF and SVP Operations of Global Strategies Group, will take the role of Chief Integration Officer with the company, with broad ranging responsibility for integration and operational best practice.