TransCore sold to Managers and Investors

Sept 9 TransCore the leading toll system integrator, and a wholly owned subsidiary of Science Applications International Corp (SAIC) announced completion of a sale to investors and its management. The company was created within SAIC only two years ago out of the longtime radio communications and toll systems company Syntonic of Harrisburg PA and the Bay area ITS firm JHK. With 750 employees in 60 offices in 22 states the company last year had $115m revenue. The company has avoided some of the major misjudgments and loss-jobs of its competitors, notably MFS, Amtech and Lockheed, and has gained a good reputation for delivering on time.

SAIC decided to spin off the company at the turn of the year and the sale has been talked about in the industry since the spring. Former president and CEO Russell Lewis now has his own small firm, and has been replaced by his former deputy and chief operating officer, John Worthington.

The press release quotes a major new shareholder KRG Capital’s Charles Gwirtzman as saying the new ownership will allow TransCore to “aggressively pursue a growth and acquisition strategy.” Maybe it’ll be looking at buying Lockheed’s IMS unit or Raytheon’s HTMS? And perhaps MCI has something it would like to, well, give away?