Deal Announcement – Secure Data Acquired By Emtec
R.L. Hulett & Company successfully originated and negotiated the sale of Secure Data, Inc., a custom software applications developer and enterprise solutions provider to Emtec, Inc. The Selling principals have committed to stay and help facilitate the continued growth and profitability of the Company.
Secure Data, Inc., based in O’Fallon, Illinois, develops custom financial software applications for the United States Air Force under a number of long-term contract vehicles with various contracting command centers. The Company also designs and implements enterprise solutions for corporate clients to automate and integrate business processes.
Emtec, Inc. (OTCBB: ETEC), established in 1964, is a systems integrator providing IT services and products to the federal, state, local, education and commercial markets. Emtec reported revenue of $223 million in 2009.
SDI adds critical project-based application development capabilities for Emtec in the U.S. and will be a cornerstone of its application services practice in North America. In addition, the acquisition enhances Emtec’s presence in the Midwest. SDI is a strategic regional complement to Emtec’s current office in the Chicago suburb of Naperville, Illinois and will increase the company’s ability to offer its full portfolio of services in the region.
R.L. Hulett & Company facilitated the sale process by researching the industry, writing a Confidential Offering Memorandum, contacting hundreds of financial and strategic buyer candidates, coordinating management meetings with selected prospective acquirers, negotiating an exclusive letter of intent, coordinating due diligence, reviewing the contracts and assisting in the closing. The Seller selected, and ultimately closed, a deal with the acquirer who offered the best combination of financial, cultural and strategic fits.
Ray Kelly, SDI CEO, commented, “In a challenging business environment, R.L. Hulett made the sale of my business possible through dedication, persistence and professionalism. The strategic sale process is very complex and I highly recommend engaging these skilled advisors to anyone considering the sale of their company.”
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In a challenging business environment, RL Hulett made the sale of my business possible through dedication, persistence and professionalism. The strategic sale process is very complex and I would highly recommend engaging these skilled advisors to anyone considering the sale of their company.