Lockheed will buy OAO, put it in IT division
Lockheed will buy OAO, put it in IT division
- By D. Bhambhani
- Nov 02, 2001
Lockheed Martin Technology Services of Cherry Hill, N.J., a subsidiary of Lockheed Martin Corp., last month agreed to acquire OAO Corp., a federal IT security contractor in Greenbelt, Md.
Lockheed hopes to take advantage of expectations that the federal IT marketplace will increase to more than $60 billion by 2006 from $36 billion this year, Lockheed officials said.
Though the terms of the contract were not disclosed, Lockheed will acquire all of OAO's outstanding stock and combine the company with a subsidiary, Lockheed Martin Information Support Services.