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Seeweekly news
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2005-11-11 |
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Charys Acquires Viasys Companies, Leaders in Systems Integration |
Charys Holding Company, Inc. ("Charys") (BULLETIN BOARD: CHYS) , a company focused on the high-growth Integrated Infrastructure Services sector, announced today that it has entered into an agreement to acquire in a cash and sellers finance transaction all the outstanding shares of Viasys Services, Inc. and Viasys Network Services, Inc. (collectively "Viasys"), based in Lakeland, Florida. In business for more than 50 years, Viasys is a leading infrastructure, design, construction, deployment, integration and maintenance company with a current revenue run rate approaching $60 million. Going forward on a consolidated basis, the annual revenue of the combined organization is expected to be approximately $87 million. The acquisition is scheduled to close on or before November 15, 2005. Details of the transaction will be available at http://www.sec.gov/ upon filing Form 8-K.
Viasys operates several successful divisions servicing the Intelligent Transportation System (ITS), telecommunication, wireless, industrial and utility markets, and is licensed in 14 Southeastern U.S. states. Viasys' focus is on the design, construction and maintenance of wireless and wire-line broadband networks for both the government and private sectors. Charys' subsidiary CCI Telecom serves complementary U.S. markets in 39 Southwestern and New England states.
Viasys is also a leading broadband integration company responsible for many of the most recognizable wireless and fiber broadband deployments throughout North America. Viasys has established strategic alliances with some of the most respected companies in the industry, which include many Fortune 100 companies, product manufacturers and financial institutions. Projects include nationwide mobile broadband systems for public safety, transit, transportation, municipal Wi-Fi deployment, enterprise wireless networks and fiber optic deployments for the telecom industry.
Billy Ray, CEO of Charys, commented, "Viasys represents a milestone acquisition for us, significantly broadening our geographic points of presence and creating a wider, more diverse service line. With a current revenue run rate approaching $60 million, Viasys adds significant revenue to our existing operations as well as facilitates new organic growth opportunities."
Mr. Ray continued, "The Viasys acquisition also establishes a highly competitive position for Charys within the rapidly evolving mesh networking space. Mesh networking capabilities are increasingly being deployed worldwide due to their advantages to create a robust, stable and scalable infrastructure that is also cost-effective. Along with our subsidiary CCI Telecom and built- to-suit entity Ayin Tower Management Services, Inc., Viasys' expertise in supplying and maintaining wireless mesh architectures for the transportation, utility, telecommunication, industrial and governmental markets creates a synergistic platform for Charys to serve a wider range of customers. According to In-Stat/MDR, the market for mesh network access points is expected to grow to nearly $1 billion in 2009, up from $33.5 million in 2004. We look forward to implementing complementary growth strategies among our subsidiaries that can maximize long-term shareholder value."
Gerry Hall of Viasys stated, "The combination of Charys and Viasys establishes a highly competitive position for both companies to capitalize on multiple verticals and cross referral opportunities, while also expanding our current position within the ITS and telecommunications markets. The momentum created by this acquisition should further the implementation of Charys' business strategy." |
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