Ultralife Batteries to acquire Innovative Solutions Consulting
Manufacturer of non-rechargeable and rechargeable batteries for portable electronic products Ultralife Batteries, Inc. (Nasdaq: ULBI) reported this morning that it will acquire Innovative Solutions Consulting, Inc. (AMEX: ISC), an engineering and technical services company, for approximately $3 million.
Under the terms of the deal, the purchase price will comprise $1 million in cash and an earn-out totaling up to $2 million to be paid over three years based on exceeding certain agreed-upon annual sales measures. Management anticipates that the transaction will be accretive in 2008.
ISC generated approximately $4 million in revenue in 2006.
The acquisition is expected to close by the end of September.
Shares of Ultralife Batteries were halted in pre-market trading.
