TechTeam Buys Federal Services VendorTechTeam Buys Federal Services Vendor
Sytel's customers include the departments of Commerce, Homeland Security, and State.
January 4, 2005
IT services vendor TechTeam Global Inc., on Tuesday said it had acquired Sytel Inc., a Bethesda, Md.-based provider of networking and other IT services to the federal government.
Under the deal, TechTeam has bought all of Sytel's outstanding stock for $18.5 million, with possible future payments if Sytel meets certain performance targets. Sytel, which has about 300 employees, posted revenue of $28.3 million in 2003. Among its customers are the federal departments of Commerce, Homeland Security, and State. Sytel has been noted as one of the Beltway's more successful minority-owned IT companies. IT was founded in 1987 by Jeannette Lee White, a former co-chair of the High Technology Council of Maryland. TechTeam posted revenue of $95.1 million for the first nine months of 2004, a 44% increase over the same period in 2003. The company entered the federal IT services market through its acquisition of Digital Support Corp. a year ago.
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