BETHESDA, Md., Oct. 30, 2014 /PRNewswire/ -- Lockheed Martin [NYSE: LMT] has entered into a definitive agreement to acquire Systems Made Simple, a leading provider of health information technology solutions to the U.S. federal government.
Subject to the satisfaction of customary closing conditions, the acquisition is expected to close within 30 days. The terms of the agreement were not disclosed and are not material to Lockheed Martin. Once the transaction is closed, the company will report through the Corporation's Information Systems & Global Solutions business area.
"Technology is rapidly transforming the healthcare landscape in the United States, and is critical to reducing costs and improving patient care," said Lockheed Martin Chairman, President and CEO Marillyn Hewson. "Systems Made Simple's capabilities in engineering health technology solutions are a natural extension of our existing health IT portfolio, and will enable us to deliver a broader portfolio of capabilities to meet our healthcare customers' current and future needs."
Systems Made Simple delivers technology and service solutions to improve, increase, enable and ensure the secure exchange and interoperability of information between patients, providers and payers. The company does significant work with the Department of Veterans Affairs (VA) in areas such as health data analytics, data center operation, health data management and health system interoperability. The company operates in the fastest growing part of the U.S. federal IT budget and was selected for the Transformation Twenty-One Total Technology (T4) contract that supports the VA's IT modernization initiatives, a contract that Lockheed Martin is not currently involved in.
"Lockheed Martin and Systems Made Simple share a common technology vision and a common commitment to our nation's veterans," said Al Nardslico, Systems Made Simple Chairman and President. "We are proud to bring our collective experience to deliver more robust healthcare solutions to the men and women who have served our great country."
Systems Made Simple is a privately held company headquartered in Syracuse, New York, with more than 500 employees in McLean and Charlottesville, Virginia; Salt Lake City, Utah; Tampa, Florida; and Austin, Texas.
This transaction will broaden Lockheed Martin's capabilities across the spectrum of health IT operations – from developing sophisticated IT architecture for complex organizations to delivering custom applications designed to increase patient access and improve the overall patient experience. It will also expand Lockheed Martin's relationship with the Department of Veterans Affairs, for which it provides IT-enabled disability case management services for veterans.
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 113,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The Corporation's net sales for 2013 were $45.4 billion.
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Lockheed Martin Forward-Looking Statements:
Statements in this release about future actions and the consequences of these actions are "forward-looking statements" and are based on Lockheed Martin's current expectations and assumptions. Forward-looking statements in this release include, but are not limited to, the potential for growth and expanded capabilities and customer relationships as result of the transaction. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. Potential risks and uncertainties include, but are not limited to: the failure to obtain, delays in obtaining or adverse conditions contained in any required regulatory or other approvals, the failure to consummate or a delay in consummating the transaction for other reasons, changes in laws or regulations, changes in general economic conditions, our ability to successfully integrate the business and generate synergies, the ability to attract and retain a skilled workforce in an uncertain funding environment, as well as other risks and uncertainties described from time to time in Lockheed Martin's Form 10-K (including under the caption "Risk Factors") and other filings with the Securities and Exchange Commission. All information in this release is as of Oct. 30, 2014. Lockheed Martin disclaims any duty to update forward-looking statements to reflect subsequent events, actual results or changes in expectations. For further information regarding risks and uncertainties associated with Lockheed Martin's business, please refer to the Corporation's SEC filings, which may be obtained at the Corporation's website: http://www.lockheedmartin.com.
SOURCE Lockheed Martin