Edgewater Technology, Inc. (www.edgewater.com), custom development and system integration consulting firm, (NASDAQ: EDGW) announced it has completed the acquisition of Intelix, Inc., a northern Virginia-based custom software and systems integration development firm. The acquisition will be accounted for as a stock purchase, with $1.7 million paid in upfront consideration and a potential earn-out amount contingent upon meeting performance objectives during the 2003 fiscal year.
Edgewater Technology believes that acquiring Intelix achieves the following strategic goals: provides a solid mid-Atlantic presence and marquee clients; leverages organic growth enjoyed by both organizations; and expands Edgewater’s vertical expertise in areas such as telecommunications and real estate.
“The Intelix acquisition fulfills all of the key criteria that we were looking for: an attractive geographic presence, a history of delivery excellence, solid client retention, new vertical offerings, and complimentary cultures. We are delighted to welcome Intelix’s staff and customers to Edgewater," said Shirley Singleton, President and Chief Executive Officer of Edgewater Technology, Inc. “The acquisition of Intelix will enable Edgewater to diversify our client base, expand our vertical offerings, and provide a positive impact on 2003 revenues and profitability.”