Unicom is buying GTSI for $76.67 million, a 47.9 percent premium over GTSI's closing stock price as of May 5, 2012. In a prepared statement, GTSI President and CEO Sterling Phillips said:
"The announcement of this offer represents an attractive opportunity to deliver premium value and liquidity to GTSI’s shareholders. I am excited about the potential for future growth with a strategic partner of UNICOM’s stature and global reach. There is an excellent opportunity to realize short- and long-term benefits for our customers, employees and OEM partners."UNICOM, founded in 1981, develops enterprise software focused on:
- IBM mainframe systems management
- AS/400 and iSeries information management
- Domino, Lotus Notes, Eclipse, Java IDE and Open Systems business information logistics products
- CICS.com, a corporate IT procurement solutions platform.
For the 12 months ended December 31, 2011, GTSI reported revenue of $356.7 million compared to $666.7 million for the same period in 2010, a decline of 46.5%, the company indicated. GTSI had been investigated for alleged fraud.
Investor concerns spilled over into a financial analyst call in November 2011, when at least one shareholder asked for the company to be dissolved and other investors demanded more information about the company's direction.