Shea Development Corp. to acquire CRI Advantage

DALLAS, USA: Shea Development Corp., an emerging leader in the business process management space, has announced the signing of a definitive agreement to acquire CRI Advantage, Inc. in a cash and stock transaction.

CRI is an information technology consulting and managed services firm with a core focus in the government and commercial industries. The addition of CRI will extend Shea's enterprise service offerings in the BPM market, expand Shea's enterprise customer base, and increase the company's presence in the local, state, and federal government sectors.

"We are excited to merge these two companies as we continue to execute our consolidation strategy to drive long term growth and focus in the BPM  space," said Frank Wilde, Chairman and Chief Executive Officer of Shea.

CRI brings proven management talent, a significant customer base, excellent product and service offerings, and expertise in the Fortune 500 market. This acquisition will enable us to leverage our existing capabilities and expand new services to our current customers. It will also add deep technical expertise in the managed services arena and enable us to cross sell and upsell new services to all of our joint customers. We fully expect that these new members of our team will contribute to the success of our business in 2008."

Gary Brookshier, Chief Executive Officer of CRI said, "We are excited to be a part of this emerging enterprise. As information technology solutions become more complex, our customers needs remain a key focus. The combined company enables us to more effectively implement and service our customers with a broader portfolio. Joining forces with Shea will accelerate our success as we leverage our customer base and elevate our growing presence in the BPM market."

The transaction is subject to customary closing conditions and is expected to close in the fourth calendar quarter of 2007.

Source: BusinessWire