Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that it has entered into an agreement, subject to regulatory approval, to acquire Quest Associates. MDA is seeking formal clearance from the U.K. Office of Fair Trading (OFT) for this transaction. Further information will be provided once OFT clearance has been obtained.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 3,000 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
About Quest Associates
Established in 1982, Quest Associates is a provider of solutions to the retail banking and mortgage processing market. Customers include residential mortgage lenders, packagers, brokers, panel managers and surveyors and most of the top UK banks use Quest to assist with their mortgage process.
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and MDA's actual results of operations could differ materially from historical results or current expectations. Additional information on these and other potential factors that could affect MDA's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.