HANOVER, Md., Feb. 24, 2016 (GLOBE NEWSWIRE) -- The KEYW Corporation, a wholly-owned subsidiary of The KEYW Holding Corporation (NASDAQ:KEYW), announced today it has signed a definitive agreement to sell its systems engineering and technical assistance (SETA) business to Quantech Services, Inc. for $12 million in cash. The transaction is expected to close within two weeks. Bluestone Capital Partners acted as the exclusive agent for KEYW.
“As part of an ongoing strategic review of our business, we came to the conclusion that the growth potential of both KEYW’s core business and the SETA business can be maximized if the two were separated,” commented Bill Weber, CEO and President of KEYW. “This action de-conflicts KEYW at two key government agencies and will allow us to focus 100% on technology development opportunities across the Intelligence Community. In Quantech Services, we found a partner with a culture that values its employees in ways similar to KEYW and will provide a supportive environment that significantly enhances the growth opportunity of the SETA business outside of KEYW.”
KEYW is a total solutions provider for the Intelligence Community’s toughest challenges. We support the collection, processing, analysis and dissemination of information across the full life cycle of the Intelligence Community’s mission. We employ and challenge the most talented professionals in the industry with solving such complex problems as preventing cyber threats, transforming data into intelligence, and combating global terrorism. For more information contact KEYW Corporation, 7740 Milestone Parkway, Suite 400, Hanover, Maryland 21076; Phone 443-733-1600; Fax 443-733-1601; E-mail email@example.com; or on the Web at www.keywcorp.com.
Forward-Looking Statements: Statements made in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements about our future expectations, plans and prospects, and other statements containing the words “estimates,” “believes,” “anticipates,” “plans,” “expect,” “will,” “potential,” “opportunities”, and similar expressions. Our actual results, performance or achievements or industry results may differ materially from those expressed or implied in these forward-looking statements. These statements involve numerous risks and uncertainties, including but not limited to those risk factors set forth in our Annual Report on Form 10-K, dated and filed March 9, 2015 with the Securities and Exchange Commission (SEC) as required under the Securities Act of 1934, and other filings that we make with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. KEYW is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Investor Contact: Chris Donaghey 443-733-1600 Media Contact: Michele Tomlinson 410-367-2700, ext. 120