(Cypress, CA.,March 19, 2008) -- KOR Electronics today announced it has purchased the Government Solutions subsidiary, Paragon Dynamics, Inc. (PDI), from Zanett, Inc. for cash. Pagemill Partners served as exclusive financial advisor to KOR Electronics.
Founded in 1986, KOR Electronics is an aerospace defense technology company providing domestic and international customers with advanced military electronics equipment and system solutions. Headquartered in Cypress, CA, with offices in Long Island, NY, and Washington DC, the company produces equipment that serves mission critical operational requirements as well as laboratory simulation, testing and training needs. KOR Electronics is solely focused in support of the defense and intelligence electronics markets.
Founded in 1997, PDI has been a wholly owned subsidiary of Zanett Government Solutions. Based in Aurora, CO, with offices in California and Washington, DC, PDI provides innovative systems, software and mission engineering solutions to a variety of Intelligence Agencies, Department of Defense (DoD), and aerospace clients. The firm specializes in system design; architecture and integration; software development and implementation; and mission operations, analysis and support. PDI has direct experience in government and commercial satellite, DoD Intelligence Community, and IT infrastructure programs.
Kevin Carnino, President and CEO of KOR Electronics, said, "We are extremely excited about this partnership with PDI, as it is a key step in the pursuit of our strategic vision. Both companies possess strengths in areas that complement each other's primary markets. This union will allow us to create an elite fellowship, such that we can provide uniquely different solutions to our customers."
Mr. Doug Hartmann, President and CEO of Paragon Dynamics, said, "KOR's acquisition of PDI will enable PDI to more clearly represent its business model as part of a DOD business strictly focusing on highly classified, mission critical Intel (IC) and Defense work.