12/8/2003 - Vanteon Corporation, a leader in software and hardware engineering services, has undergone a management buy-out for an undisclosed sum. Vanteon President David Wagner and CFO Joseph Burke led the recently completed buy-out. The acquisition includes all engineering and support professionals in Vanteon locations across the United States.
"We are extremely pleased to have completed the buy-out, and to report that the management team now holds controlling shares in the firm," said Wagner. Over 95% of the shares were previously held by outside investors. "This significant event signals a new era for Vanteon, and we are energized by what the future holds for our employees," said Burke.
The firm has been debt-free and profitable for the past 10 months and, reflecting activity across the broader economy, has seen a recent upturn in sales. Wagner projects that Vanteon will see a steady 10-15% increase over the next two to three years, and they plan to add to the workforce accordingly. The firm is currently seeking engineers in the Rochester area and sales executives in the New York City and San Francisco Bay areas.
Vanteon is an industry leader in software and hardware product development, offering exceptional experience and expertise in commercial software, hardware & embedded solutions, biometrics/security, and quality assurance. For nearly 20 years, Vanteon has provided complete turnkey development. Well-refined product development and QA processes, combined with innovation, enables Vanteon to deliver superior results. Vanteon is headquartered in Pittsford, NY, with regional sales offices serving the U.S. Additional information is available at www.vanteon.com.
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