GSE Systems, Inc. (GVP) announced the acquisition of EnVision Systems, Inc., a provider of interactive multi-media tutorials and simulation models, primarily to the petrochemical and oil & gas refining industries.GSE expects the acquisition of EnVision to be immediately accretive to GSE's earnings per share.
Based on EnVision's unaudited results of operations for the year ended December 31, 2009 EnVision generated revenues of about $1.9 million and had pre-tax income of nearly $253,000.
At closing, GSE paid $1.2 million in cash to the shareholders of EnVision. In addition, if EnVision attains certain revenue targets for the four-year period ending December 31, 2014, the shareholders of EnVision could receive up to an additional $3.05 million.
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