Hello, Guest!
  • Friday, November 22, 2024

STG Targets June 30 Closing Date for Preferred Systems Solutions Deal


Government information technology services contractor STG Group has pushed back its plan to finalize purchase of Preferred Systems Solutions from the first quarter of 2017 to the end of June.

Reston, Virginia-based STG said Tuesday it raised the acquisition price of PSS to $119.8 million and offered to pay $925,000 in advance as a result of the delay.

STG announced in February that it agreed to buy the McLean, Virginia-based software engineering and computing firm for $119 million in a move to expand in intelligence community and national security markets.

The transaction comes as STG faces financial challenges based on its filings with the Securities and Exchange Commission, such as failure to meet requirements for senior secured leverage ratio and earnings before interest, taxes, depreciation and amortization, the report added.

Video of the Day

Related Articles

Craig Janus Named Unissant Chief Strategy & Revenue Officer Executive Moves

Craig Janus Named Unissant Chief Strategy & Revenue Officer

Craig Janus, a more than 35-year GovCon industry leader, has joined government information technology services provider Unissant as chief strategy and revenue officer. In this capacity, he will lead corporate strategy, growth and development initiatives to expand the company’s presence in the national security and federal health care markets, Unissant said Tuesday. Herndon, Virginia-based Unissant

Former NetCentrics CEO Cynthia Barreda Joins Preferred Systems Solutions as COO Executive Moves

Former NetCentrics CEO Cynthia Barreda Joins Preferred Systems Solutions as COO

Cynthia Barreda, former CEO and president of information technology company NetCentrics, has been named chief operating officer of Preferred Systems Solutions. CMS Equity Partners-backed PSS said Wednesday that Barreda brings more than 25 years of IT and federal contracting experience to PSS and will oversee market verticals for its mission solutions, national security and advanced

Craig Janus Joins Preferred Systems Solutions as National Security Group SVP Executive Moves

Craig Janus Joins Preferred Systems Solutions as National Security Group SVP

Craig Janus, a 30-year information technology and telecommunications industry veteran, has been named senior vice president of the national security group at McLean, Va.-based government services contractor Preferred Systems Solutions.