6/5/2003 - CSP Inc. (NASDAQ: CSPI), a provider of eBusiness solutions, IT systems integration services and dense cluster computing systems, announced that it has acquired Technisource Hardware, Inc., a Ft. Lauderdale, Florida-based subsidiary of privately held Technisource, Inc. Technisource Hardware is a reseller of software and hardware products for IT infrastructure requirements and provides professional services related to systems integration. The Company expects the acquisition to be immediately accretive. Terms of the agreement were not disclosed.
Technisource Hardware will be operated as the Systems and Solutions Division of CSP's MODCOMP subsidiary and will relocate into MODCOMP's Ft. Lauderdale, Florida headquarters. Technisource Hardware President Victor Dellovo will serve as the General Manager of MODCOMP Systems and Solutions Division.
"Technisource Hardware has a strong track record of profitability and the company achieved more than $8.5 million in revenues in calendar 2002," said CSP Chairman, President and CEO Alexander R. Lupinetti. "In addition, we plan to leverage synergies between MODCOMP and Technisource Hardware, including the immediate consolidation of office space."
Continued Lupinetti, "Technisource Hardware has a broad base of more than 260 customers in the U.S. and strong relationships with over 140 suppliers, including industry-leading software developers and computer-, network- and storage-hardware manufacturers. MODCOMP Systems and Solutions Division will be our U.S. counterpart to the IT systems integration capabilities that we now have in Europe through MODCOMP's German and UK subsidiaries. We plan to use our expertise in high-value systems integration to raise Technisource Hardware's value proposition in the U.S. We will continue to seek accretive acquisitions that complement our current service offerings," concluded Lupinetti.
About CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. (NASDAQ: CSPI) and its subsidiaries develop and market Internet software for e-commerce solutions, image processing software, network management integration services, and high-performance computer systems. The MultiComputer Division supplies high-performance Linux cluster systems for a broad array of defense applications, including radar, sonar and surveillance signal processing. The Company's MODCOMP, Inc. subsidiary, founded in 1970, is a leading provider of Internet software solutions and systems integration. MODCOMP works with third parties to develop customized application solutions in the global e-commerce markets and has offices in the U.S., U.K., and Germany. More information about CSP is available on the company's Web site at www.cspi.com. To learn more about MODCOMP, Inc., consult www.modcomp.com. More information about Scanalytics, Inc. is available at www.scanalytics.com.
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