Has Sold Its Business To

Exclusive Financial Advisor to TrueNorth Solutions

True North Solutions, Inc. was a privately held firm focused on providing a broad range of information technology security products and services to a number of federal government and commercial customers. The Company’s key customers included the Public Company Accounting Oversight Board, U.S. Department of State, U.S. Agency for International Development, Coca-Cola Enterprises, and Northrop Grumman. The Company’s primary services offerings included system security assessment and testing, security application implementation and integration, strategic outsourcing and security policy development and review. Since the Company’s founding in 2000, it had experienced rapid growth of both revenues and margins. In assessing it’s strategic position in the summer of 2003, the Company decided that it was the appropriate time to seek a strategic partner that would provide the platform and infrastructure to support substantial additional growth, particularly in the Federal sector.

True North Solutions was referred to Outcome Capital to assist in this process. In its meetings with the Firm’s professionals, the Company found a group that had a strong industry background and track record in the Federal and commercial IT services markets. The Company expressed a desire to have professional representation assist them in structuring and implementing a process in which a small number of strategic buyers would have an opportunity to acquire the business. The firm designed and implemented a process under which several types of buyers were contacted both obvious and non-obvious. Our transaction team was able to efficiently engage a small number of strategic buyers in serious discussions with the Company.

The process led to the Company being purchased by American Systems Corporation, a leading government professional services firm that supports the U.S. Department of Defense, State Department, Department of Agriculture, Department of Justice, and a number of large commercial customers. Outcome Capitals’ detailed knowledge and experience in the information technology services market, particularly the Government professional services market made it possible for True North Solutions to successfully complete the sale of its business to American Systems Corporation in a transaction that was beneficial to both parties.

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