Charlotte, NC; June 3, 2003 - DecisionPoint International, a boutique Investment Bank providing merger and acquisition services to middle-market technology clients, announced today that its client, Edgewater Technology, Inc. (NASDAQ: EDGW, “Edgewater” or “Company”), a custom development and systems integration consulting firm, has completed the acquisition of Intelix, Inc. (“Intelix”), a northern Virginia-based custom software development and systems integration firm. The acquisition will be accounted for as a stock purchase.
Edgewater believes that acquiring Intelix achieves the following strategic goals:
Provides a solid mid-Atlantic presence and marquee clients;
Leverages organic growth enjoyed by both organizations;
Expands Edgewater’s vertical expertise in areas such as telecommunications and real estate.
“The Intelix acquisition fulfills all of the key criteria that we were looking for: an attractive geographic presence, a history of delivery excellence, solid client retention, new vertical offerings, and complementary cultures. We are delighted to welcome Intelix’s staff and customers to Edgewater,” said Shirley Singleton, President and Chief Executive Officer of Edgewater Technology, Inc. “The acquisition of Intelix will enable Edgewater to diversify our client base, expand our vertical offerings, and provide a positive impact on 2003 revenues and profitability.”
“Intelix has been seeking an opportunity to join an organization whose mid-market focus, core competencies and company culture complement our own,” stated Intelix Founder, President and CEO, Peter Kolovos. “We are impressed with Edgewater Technology’s management, strong operational metrics, and plans for the future. Their proven commitment to deliver innovative vertically-focused technology solutions to the middle market fits well with our strengths and enables us to expand our core competencies of vertical and technical expertise.”
About Edgewater Technology, Inc.
Founded in 1992, Edgewater Technology, Inc. is an award-winning consulting and systems integration firm that specializes in tailored technology solutions for middle-market companies and divisions of Global 2000 companies. Headquartered in Wakefield, Massachusetts, the company has taken a partnership approach with its clients, targeting strategic, mission-critical applications. Edgewater Technology services its client base by leveraging a combination of leading-edge technologies and proven reengineering techniques provided by its network of national solutions centers strategically positioned across the United States. For further information, visit www.Edgewater.com.
About Intelix, Inc.
Located in Fairfax, Virginia, Intelix delivers business solutions by combining technology expertise and industry insight, including telecommunications and real estate, to achieve client business goals. Since its founding in 1997, Intelix has focused on Custom Application Development, Enterprise Application Integration and Technology Strategy & Assessment for solutions in Web Enablement, Content Management, Enterprise Information Portals, and Business Intelligence & Analytics. With 37 employees, Intelix currently provides mission critical leadership and solutions to mid-market companies & organizations, Global 2000 firms, and government agencies. Clients include Verizon, Nextel, Equant, Marriott, Riggs Bank, Booz-Allen & Hamilton, and the University of Virginia. It has been recently named to the Top 10 of the Virginia Chamber of Commerce’s Fantastic 50 list, a ranking of the 50 fastest growing private companies headquartered in Virginia.
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.