Cerberonics Inc. has agreed to acquire Systems Research Corp. (SRC) of Falls Church for a combination of cash and stock totaling approximately $300,000.
Privately owned SRC provides services in information systems design and development, defense analysis and general management support. Since its founding in 1976, SRC has performed over 60 government and commercial contracts.
SRC President William E. Schuler said the acquisition proposal was accepted because Cerberonics was complementary to SRC's business lines and clients.
Under the proposed acquisition, SRC stockholders would receive an initial cash payment and the right to approximately 10,000 shares of Cerberonics Class A common stock based upon SRC's through June 30, 1987. Earnings of SRC for the fiscal year ending June 30, 1983, are anticipated to be approximately $40,000 on revenues of $800,000.
The acquisition plan must be approved by SRC shareholders and is expected to be completed in June. SRC would become a wholly owned subsidiary of Cerberonics.
Under the plan, SRC management would retain their current positions. Besides president Schuler, SRC exectives include Carolyn Callaway, executive vice president, Edward Kessler, vice president for operations, and Jane Davis Drown, vice president for technology plannning.
Cerberonics, which is based in Bailey's Crossroads, Va., provides defense-related engineering, analytical and technical services to the federal government. The company's services are supported by approximately 475 personnel with principal offices in Virginia, Maryland and California.