The Titan Corporation today announced that it has entered into a definitive agreement to acquire Jaycor, Inc. – a San Diego based provider of information technology services and specialised communications and sensor products – for approximately $95 million in Titan common stock.
According to a statement, the transaction is expected to close in the first quarter of 2002, reduce Titan’s net debt by approximately $50 million, add approximately $45 to $50 million to Titan’s 2002 revenues, and be accretive to Titan’s 2002 earnings.
Founded in 1975 as a defence research and development contractor, Jaycor has provided advanced research, technical and engineering services as well as specialised electronic products to the US Department of Defence and other government customers for more than twenty-five years.
The company’s key products today include respiration sensors, acoustic imaging sensors, visibility sensors, radar systems, radiation hardened military devices, and network security products. Upon the closing of the transaction, Jaycor will become a part of Titan’s government information and communications technology business.
In addition to developing a successful government business, Jaycor has also been one of the few defence companies, in addition to Titan, that has been successful in creating commercial businesses from technology developed under contracts with the US military.