Here is the press release:
FORTERRA SYSTEMS ACQUIRED BY SAIC
Forterra Systems is pleased to announce that effective today, all assets of the company have been acquired by Science Applications International Corporation (SAIC). SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world in national security, energy and the environment, critical infrastructure, health, and select commercial markets.
The company is headquartered in McLean, VA, has approximately 45,000 employees and annual revenues of $10.1 billion for its fiscal year ended January 31, 2009. Forterra personnel and the OLIVE product line will be absorbed into SAIC's Analysis, Simulations, Systems Engineering and Training (ASSET) Business Unit based in Orlando, FL.
SAIC has been following the opportunity presented by the growth in virtual world technologies to support collaboration and training/learning and saw the acquisition of Forterra as an aggressive way to enter the market. They felt Forterra had by far the best technology and business model to match key customer requirements and that Forterra was addressing synergistic markets. SAIC fully intends to continue development and the commercial sale of the OLIVE platform to all interested parties – both in the public sector and in commercial, enterprise markets. “We look forward to working with current and future OLIVE license holders to support and extend the platform,” said Bev Seay, SAIC senior vice president and business unit general manager. “We see virtual worlds as the direction of the future in modeling and simulation – emphasis on interpersonal interaction and collaboration enables us to take our products in new directions, and to new markets.”
We see SAIC as the type of strategic partner that will enable us to continue shaping the virtual world marketplace and the OLIVE product line. With a complementary customer base and access to opportunities by virtue of its size and relationships, SAIC provides an opportunity for us to support existing customers as well as to work with new ones in new markets. Having the financial stability afforded by a large company puts us in a strong position to continue offering world class solutions for all our customers. Where we’re sure to expect some organizational bumps in the road typical of any acquisition, we’re sure the end result will position us strongly for the future.
This will be interesting for both Virtual World Vendors and Consulting firms.
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