QinetiQ Group plc announces today that its US subsidiary Apogen Technologies Inc. has completed the acquisition of 3H Technology LLC, a specialist IT company with US government and commercial clients, for up to $52.0m.
The acquisition of 3H Technology will be settled for an initial cash consideration of $50.0m, with an additional contingent consideration of up to $2.0m payable 18 months after completion.
Based in the Washington DC area, 3H Technology specialises in providing networking, software development, programme management and process improvement services to both federal agencies and commercial clients. The company's acquisition extends QinetiQ's customer base. 3H Technology's existing customers include the Department of Homeland Security, the US Navy, the US Army, the Department of Health and Human Services and the US Department of the Treasury.
3H Technology is a privately-held US company employing 220 people, and had revenues of $33.4m for the 12 months ended 31 December 2006.