Lockheed will buy OAO, put it in IT division

Lockheed will buy OAO, put it in IT division

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.

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