Kratos Defense & Security Solutions, a provider of products and services for the homeland security market, announced Wednesday that it has entered into an agreement to acquire New Jersey-based security systems integrator Henry Bros. Electronics for $45 million.
In a statement, Ben Goodwin, president of Kratos' Public Safety & Security business, which Henry Bros. will be merged with, said the acquisition will make the newly combined companies a leader in the homeland security solutions and systems integration market.
"We are extremely pleased to be combining our business with one of the leading homeland security solutions, services, and public safety providers in the industry today," Goodwin said. "Henry Bros. has an incredible reputation in our marketplace, an outstanding leadership team and workforce, and an enviable long term customer base and relationships."
Henry Bros. President and CEO Jim Henry said the acquisition will give the company an opportunity to build their business and help them meet their strategic goals.
"This is truly a defining day for Henry Bros' entire organization and workforce," he said. "Importantly, when combined with Kratos and its significant resources, we see significant opportunity to bid on and win large program opportunities, including those national in scope which we could not have pursued independently, while also providing significant opportunity to the entire Henry Bros. employee base and workforce."