HANOVER, Md., May 18, 2016 (GLOBE NEWSWIRE) -- The KEYW Holding Corporation (NASDAQ:KEYW) announced today it has signed a definitive agreement to sell the HawkEye G product line business of Hexis Cyber Solutions. This transaction is the second Hexis product line business to be sold and the combined deal value of the two transactions is approximately $20 million in cash and purchaser stock.
As disclosed on KEYW's first quarter earnings call on May 10, 2016, Hexis' HawkEye AP product line business was sold to Ignite Analytics, Inc., an affiliate of Ignite Technologies, Inc., in a transaction that closed on May 2, 2016. On May 17, 2016, KEYW signed a definitive agreement to sell the Hexis HawkEye G product line business in a transaction to a private-equity backed, established strategic buyer in the security technology industry. Specific terms of the individual transactions were not disclosed, and the HawkEye G transaction is subject to customary closing conditions.
"As we disclosed on our recent earnings calls and during our April 7 Analyst and Investor Day, KEYW initiated a broad process to explore strategic alternatives for Hexis Cyber Solutions in late 2015. Today, I am pleased to report that we have signed a definitive agreement to sell HawkEye G. We expect to announce the closing of the HawkEye G transaction in the coming weeks," said Bill Weber, KEYW's president and CEO.
"With the anticipated completion of the Hexis transactions, KEYW is better able to leverage its position as an end-to-end, pure-play intelligence solutions provider to federal government customers and nations friendly to the U.S.," continued Weber. "We look forward to generating organic growth as well as healthy margins in 2016 and beyond as we begin to capture large prime solutions contracts and continue to grow sales of our innovative products and technologies."
KEYW is a total solutions provider for the Intelligence Community's toughest challenges. We support the collection, processing, analysis and dissemination of information across the full life cycle of the Intelligence Community's mission. We employ and challenge the most talented professionals in the industry with solving such complex problems as preventing cyber threats, transforming data into intelligence, and combating global terrorism. For more information contact KEYW Corporation, 7740 Milestone Parkway, Suite 400, Hanover, Maryland 21076; Phone 443-733-1600; Fax 443-733-1601; E-mail email@example.com; or on the Web at www.keywcorp.com.
Forward-Looking Statements: Statements made in this press release that are not historical facts constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements about our future expectations,, plans and prospects, including statements regarding the expected sale of our Hexis HawkEye G product line business; statements about our future growth, margins, and capture of prime solutions contracts; and other statements containing the words "estimates," "believes," "anticipates," "plans," "expects," "will," "potential," "opportunities," and similar expressions. Our actual results, performance or achievements or industry results may differ materially from those expressed or implied in these forward-looking statements. These statements involve numerous risks and uncertainties, including but not limited to those risk factors set forth in our Annual Report on Form 10-K, dated and filed March 15, 2016 with the Securities and Exchange Commission (SEC) as required under the Securities Act of 1934, and other filings that we make with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements. KEYW is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact: Chris Donaghey 443-733-1600