Mergers and Acquistions News
Categories: IT Services & Consulting
January 26th 2010, 16:45PM
Mergers and acquisitions firm Platinum Equity has announced the acquisition of OAO Technology Solutions (OAOT), a provider of managed IT services and solutions to Fortune 500 companies and government agencies, from an affiliate of JF Lehman & Company.
A team of Platinum Equity's in-house specialists is now working with OAOT management to develop a long-term plan for the company and integrate its business into Platinum Equity's portfolio.
Sidney E Fuchs, OAOT president and chief executive officer, said that the acquisition provides "incredible momentum" and creates a platform for rapid growth.
"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," he added.
In September last year, Platinum Equity entered into an agreement to acquire IT infrastructure firm Pomeroy IT Solutions for $6.50 (£4.03) per share.
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