L-3 Acquires ForceX, Inc.
October 13 2015 - 4:21PM
Business Wire
– Industry Leader Specializing in ISR Software
Development and Geospatial Application Technology Programs –
L-3 Communications (NYSE:LLL) announced today that on October
13, 2015 it acquired ForceX, Inc., which the company has renamed
L-3 ForceX. L-3 ForceX will be incorporated into L-3’s Integrated
Sensor Systems (ISS) sector within the Electronic Systems business
segment. Terms of the transaction have not been disclosed, but the
acquisition is expected to be immediately accretive.
Based in Nashville, Tenn., L-3 ForceX is an industry leader
specializing in ISR mission management software and geospatial
application technology programs, offering an array of advanced
products, including cueing system software, hardware and video
algorithms, and wide-area sensor integration solutions and
software. The company’s proprietary processing, exploitation and
dissemination (Tactical PED) capability provides an integrated
tactical operational picture, allowing users to make critical
decisions in real time. The business also provides training
courseware, materials and turnkey classroom training solutions for
its customers and currently supports several key Department of
Defense ISR initiatives and classified programs. Its customer base
includes the U.S. Air Force, U.S. Special Operations Command, the
Naval Surface Warfare Center and a variety of DoD agencies. The
business also has existing relationships with several defense prime
contractors as well as numerous L-3 business units. L-3 ForceX is a
highly customer-focused business that is expected to accelerate the
overall growth prospects of the ISS sector.
“We have been strategically repositioning our portfolio by
adding new capabilities that are aligned with our customers’
priorities, and we are pleased to announce this acquisition, which
furthers this objective,” said Michael T. Strianese, L-3’s
chairman, president and chief executive officer. “ForceX
complements L-3’s core business, enhancing our product and system
capabilities to compete in new markets, and expands our customer
base.”
L-3 ForceX is expected to add approximately $30 million in sales
for the year ending December 31, 2016. Goodwill and other
intangible assets from this acquisition are expected to be
deductible for income tax purposes.
Headquartered in New York City, L-3 employs approximately 45,000
people worldwide and is a prime contractor in aerospace systems and
national security solutions. L-3 is also a leading provider of a
broad range of communication and electronic systems and products
used on military and commercial platforms. The company reported
2014 sales of $12.1 billion.
To learn more about L-3, please visit the company’s website at
www.L-3com.com. L-3 uses its website as a channel of distribution
of material company information. Financial and other material
information regarding L-3 is routinely posted on the company’s
website and is readily accessible.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995Except for historical information contained
herein, the matters set forth in this news release are
forward-looking statements. Statements that are predictive in
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forth above involve a number of risks and uncertainties that could
cause actual results to differ materially from any such statement,
including the risks and uncertainties discussed in the company’s
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included in the company’s recent filings, including Forms 10-K and
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forward-looking statements speak only as of the date made, and the
company undertakes no obligation to update these forward-looking
statements.
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