COLORADO SPRINGS, Colo., Jan. 4, 2021 /PRNewswire/ -- Vectrus, Inc. (NYSE: VEC) announced today that it has acquired HHB Systems, a leading provider of high-end solutions for facilities management, logistics, engineering, enterprise operations, and asset management solutions supporting Intelligence Community (IC) projects. Additionally, HHB provides information technology and cybersecurity solutions to select clients.
Founded in 2003, HHB Systems brings comprehensive and proven capabilities which advance Vectrus' ability to deliver innovative, integrated solutions and further differentiates the company as a leader in the converged infrastructure market.
"The acquisition of HHB brings integrated solutions that support physical and digital infrastructures within the intelligence community and creates a stronger platform from which we can deliver fully converged solutions across all our clients' missions," said Sue Deagle, Senior Vice President and Chief Growth Officer of Vectrus. "I am delighted to welcome the talented employees of HHB to Vectrus. We look forward to building upon the HHB team's past performance, reputation, and long-standing and trusted relationships in the Intelligence Community."
Headquartered in Springfield, Virginia, HHB Systems has a 17-plus-year history of providing technology-enabled services and solutions to the Intelligence Community. The company has more than 50 highly skilled employees, 95% of which are cleared at Top Secret or above.
"Importantly, the acquisition of HHB further builds on our recently announced acquisition of Zenetex and together these acquisitions advance Vectrus' transformation into a higher-value, technology-enabled and differentiated platform. The Zenetex and HHB teams work together in the Intelligence Community market today, and the expanded opportunities under Vectrus to reach our existing DoD and IC clients open the aperture to even greater growth," Ms. Deagle concluded.
Vectrus funded the acquisition from cash on hand and its revolving line of credit.
Vectrus is a leading provider of global service solutions with a history in the services market that dates back more than 70 years. The company provides facility and base operations; supply chain and logistics services; information technology mission support; and engineering and digital technology services primarily to U.S. government customers around the world. Vectrus is differentiated by operational excellence, superior program performance, a history of long-term customer relationships and a strong commitment to its clients' mission success. Vectrus is headquartered in Colorado Springs, Colo., and includes about 7,100 employees spanning 148 locations in 26 countries and territories. In 2019, Vectrus generated sales of $1.4 billion. For more information, visit the company's website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.
Forward Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the "Act"): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, the possibility that anticipated benefits of the acquisition may not be realized or may take longer to realize than expected; the possibility that costs related to the company's integration of HHB's operations may be greater than expected and/or that revenues following the acquisition may be lower than expected; the effect of the transaction on the ability of the company to retain customers and retain and hire key personnel of HHB and maintain relationships with their suppliers and customers, including the U.S. Government; responses from customers and competitors to the acquisition; the risk that the integration of HHB may distract management from other important matters; results from the acquisition may be different than those anticipated; other statements about our 2020 performance outlook, five-year growth plan, revenue, DSO, contract opportunities; the potential impact of COVID-19, and any discussion of future operating or financial performance.
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Mike Smith, CFA
SOURCE Vectrus, Inc.