Polaris to Acquire IT Services Firm in US
The IT services company provides solutions such as staffing services and software development and maintenance to various Fortune 500 companies across the US and Canada, subject to the satisfactory completion of the parties due diligence.
The parties contemplate closing to occur in first quarter of 2011. The targeted acquisition company that must remain unnamed is currently generating annual revenues in excess of $13m with 10 percent EBITDA.
Kuni Misawa, CEO and president of Polaris, said: â€œDue to our current business model being focused on IT service for companies globally, this targeted acquisition, which is a business in the IT service business, is something that the board of directors felt very strongly about pursuing. We have also been involved in pursuing another acquisition on the East Coast since late last year.
â€œUnder the circumstances, when the opportunity to acquire this Southern California company became available, management felt that it was in the best interest of the company to pursue this transaction first for a number of reasons - specifically relating pricing and compatible business model. Our business strategy remains tied to building a firm foundation on a global market base via acquisitions and mergers. By pursuing this goal, we will stay focused on the acquisition path in order to grow, which includes closing this particular acquisition.â€
Will the move strengthen Polaris presence in US?
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