Jacobs Engineering Group has signed a definitive agreement to acquire TechTeam Government Solutions, a wholly owned subsidiary of TechTeam Government Solutions, in a move to expand its position in the government IT services market.
TechTeam is an information technology company that provides support to federal, state and local government agencies, including the US Department of Homeland Security, US Army and US Army Corps of Engineers.
Jacobs said that it will acquire 100% of the stock in TTGSI for $59m in cash, subject to certain adjustments set forth in the definitive agreement. The acquisition is subject to customary closing conditions, including approval by the stockholders of TechTeam and is expected to close by late summer.
Craig Martin president and chief executive officer of Jacobs, said: “TTGSI brings new customers and capabilities to our growing government IT services business, and enhances our IT capabilities and services for our clients around the globe. This acquisition allows us to drive greater growth in our business.”
