Qinetiq has expanded its North American operations with the acquisition of Dominion Technology Resources (DTRI), a provider of high-end products and services to the US intelligence community.
Under the terms of the agreement, Qinetiq will acquire 100 per cent of the stock of DTRI for a net cash consideration of approximately $104.5m.
The acquisition will be organised under the Mission Solutions Group of Qinetiq North America (QNA).
DTRI is said to have a strong history of growth and profitability with 55 per cent compound revenue growth from $12.4m in 2004 to $46.6m in 2007 and 35 per cent compound EBITDA growth from $2.4m in 2004 to $5.9m in 2007. The company also has $397m of backlog through to 2016.
Graham Love, Qinetiq’s chief executive officer, said: ‘DTRI operates in an important, fast-growing market that is typically difficult to enter.
‘Very importantly, DTRI brings new customer relationships from within the US intelligence community and provides us with further growth opportunities within the broader North American market.’