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GSE Systems Acquires EnVision Systems

GSE Systems, a Sykesville, MD-based maker of simulation and training systems, said on Wednesday it has acquired New Jersey-based EnVision Systems in a deal worth up to $4.2 million.

EnVision provides interactive multi-media tutorials and simulation models, primarily to the petrochemical and oil & gas refining industries. Under the deal, GSE paid $1.2 million in cash at closing, and could pay up to $3.05 million more if Envision hits certain revenue targets over the next four years.

"EnVision's products add a new dimension to our traditional business model of developing customized systems, while strengthening our presence in the non-nuclear training and simulation markets," said Jim Eberle, the CEO of GSE.

EnVision's approximately 130 clients include Shell Oil, BP, Total and Chevron. EnVision will operate as a subsidiary of GSE and be re-named GSE EnVision.

on the web: http://www.gses.com

Source: BusinessWire.com

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