EXTON, Pa—Wireless infrastructure engineering services firm WPCS International Inc. announced it will spend $3.2 million to acquire Southeastern Communication Service Inc. of Sarasota, Fla.
SECS has deployed and maintained wireless systems for Verizon Wireless, BellSouth Corp., Comcast Corp., Time-Warner and Puerto Rico Telephone. The company reported net income of $730,000 from revenues of $6.4 million last year, and forecast net income of $850,000 from revenues of $7.5 million for this year.
“Our company is continuing to expand in this fast-growth wireless sector,” stated Dan Lester, chief executive of SECS. “We believe for us to keep pace with the demands of this market, we need the financial and engineering support of a national organization.”
WPCS said it agreed to pay $1.8 million in cash along with $1.4 million in WPCS stock to acquire SECS.
