SPRINGFIELD, Va. – Project management company Versar (NYSE MKT: VSR) has signed a definitive agreement to acquire Johnson Controls’ specialized federal security integration business, known as Johnson Controls Security Systems (JCSS), for $20 million.
Based in Gaithersburg, Md., JCSS is a cost accounting standards (CAS)-compliant security systems integrator serving federal clients by designing, installing and supporting complex physical security, network security and facilities management systems.
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The all-cash deal with contingent payments is expected to close by Sept. 30, assuming all conditions to close are satisfied.
“The acquisition of JCSS, which is well known for its substantial security expertise, will be a great strategic fit for Versar, extending our client base, and enabling us to offer additional products and services to our existing clients,” says Versar CEO Tony Otten. “An important element of our growth strategy is to leverage our service capabilities to generate more work with our existing clients and to more effectively compete for new customers and projects in the new economic environment.”
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Versar, based here, provides construction management, professional, environmental and munitions response services in the public and private sectors.
