Innerbase
Technologies, Inc. was a privately held firm focused on providing
a broad range of information technology services to a number of
Federal Government agencies, including the Pension Benefit Guaranty
Corporation, the U.S. Postal Service, the U.S. Department of Agriculture
and the Department of Health and Human Services. The Company's
primary IT services included Oracle-related database design, development
and administration, web application development, administration
and security services and data warehouse design and development
work. Since its founding in 1997, the Company had experienced
consistent revenue and profit growth. In assessing the Company's
market position in the summer of 2002, the business owner decided
that it was the appropriate time to seek to merge his business
into a larger IT organization, which could provide a broader array
of skills to his clients, provide more career opportunities to
his employees and facilitate being able to access new clients.
Innerbase Technologies contacted WWC Securities to assist them
in this process. In its meetings with the Firm's professionals,
the Company found a group that had a strong track record in the
Federal IT services market. The Company expressed a desire to
have professional representation assist them in structuring and
implementing a process in which a small number of strategic buyers
would have an opportunity to acquire the business. The firm designed
and implemented a process under which several types of buyers
were contacted: 1) government professional services firms; 2)
commercial IT services firms; and 3) larger diversified firms
with distinct technology-oriented business platforms. Our transaction
team was able to engage a small number of strategic buyers in
serious discussions with the Company.
The process led to the Company being purchased on March, 2003
by Resource Consultants, Inc., a leading government professional
services firm that supports the U.S. Department of Defense, a
number of federal civilian agencies and state and local governments.
WWC Securities' detailed knowledge and experience in the Government
professional services market made it possible for Resource Consulants,
Inc. to complete the acquisition of Innerbase Technologies, RCI's
first acquisition in the Federal IT services sector.
