Analex Corp. of Alexandria, Va., announced March 22 that it will buy San Diego-based ComGlobal Systems, Inc. for $47 million in cash.
ComGlobal is an employee-owned defense software company. Its projects include work on the Tomahawk cruise missile program. The company employs more than 200 people.
Analex revealed March 22 that in late December, it signed a nonbinding letter of intent to acquire ComGlobal, adding that it expects the transaction to be consummated within 30 days.
Founded in 1995, ComGlobal had $39.5 million in revenue during the fiscal year ended June 30. A recent growth spurt of 39 percent earned ComGlobal the No. 64 spot on the San Diego Business Journal’s list of fastest-growing private companies, published in the 2005 Book of Lists. Revenue of $34.3 million in 2003 grew from $28.1 million in 2002 and $24.6 million in 2001.
Analex trades on the American Stock Exchange under the symbol NLX and has a market capitalization of $53.5 million. Like ComGlobal, Analex does work for the federal government, focusing on intelligence, systems engineering and security services.
Sterling Phillips is Analex’s chairman and chief executive.
Frank Hewitt, the chief executive of ComGlobal, was not immediately available for comment.
Analex said it plans to finance its purchase with a combination of senior bank debt and its Series B convertible preferred stock facility.