For Immediate Release
January 19, 2010
Los Angeles, CA and Greenbelt, MD — January 19, 2010 — Platinum Equity announced today it has acquired OAO Technology Solutions, Inc. (“OAOT”) from an affiliate of J.F. Lehman & Company and the other stockholders of OAOT. Terms of the transaction were not disclosed.
OAOT provides managed IT services and solutions for Fortune 500 corporations, global outsourcers and government agencies.
“OAOT has long-standing relationships with valued customers, an outstanding international workforce and a reputation for delivering exceptional customer service,” said Jacob Kotzubei, the partner at Platinum that is leading the OAOT investment. “Throughout the world the need for high-quality cost-effective managed IT services is growing and OAOT offers a full-range of solutions to meet that increasing demand.”
A team of Platinum in-house operations specialists is now working with OAOT management to develop a long-term plan and transition the business into Platinum’s portfolio.
“In the midst of a challenging worldwide economic climate, over the last three years OAOT has expanded its market share, enhanced its commercial IT services offerings, and significantly improved the company’s operational effectiveness, profitability and financial performance,” said Sidney E. Fuchs, OAOT president and chief executive officer. “This acquisition provides incredible momentum and creates a platform for rapid growth as we join the top-tier group of IT services companies in the Platinum Equity portfolio.”
Mr. Kotzubei explained that acquiring OAOT is a natural investment for Platinum, given the firm’s history of investing in IT companies.
“We know and understand the industry well and have had a lot of success creating value in this space,” explained Mr. Kotzubei.
Jeff Fine and Jared Jensen of Kirkland & Ellis LLP served as legal advisers to Platinum Equity on the acquisition of OAOT.
Bill Rustum and Dennis Wallace of Gibson, Dunn & Crutcher LLP served as legal advisors and KippsDeSanto & Co. and The Chesapeake Group served as financial advisors to OAOT in the transaction.
About OAO Technology Solutions, Inc.
OAOT (www.oaot.com) is a global leader in Managed IT Services and Solutions to Fortune 500 corporations, global outsourcers and government agencies. The Company’s expertise includes applications outsourcing, data center and infrastructure management and staffing solutions. Headquartered in Greenbelt, Maryland, our 1,600 worldwide employees are located throughout the United States, Canada and Europe.
About Platinum Equity
Platinum Equity is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition. For more information, go to www.platinumequity.com.