Torch Technologies Completes Sale of Torch Systems, LLC
Effective June 30, 2009, Torch Technologies, Inc., completed the sale of Torch Systems, LLC , to nLogic, Inc. A management/employee-led buyout facilitated the transaction and will be transparent to current customers of both Torch Technologies and Torch Systems.
The acquisition provided a mechanism for both companies to mitigate Organizational Conflict of Interest (OCI) issues. Historically, Torch Technologies has provided services directly to government customers, while Torch Systems, LLC, primarily focused on providing services to prime contractors. Following this divestiture, Torch Technologies can now focus exclusively on providing services to government agencies.
“We are extremely pleased that we were able to resolve any potential OCI concerns, while at the same time doing it in such a way to offer the Torch Systems employees the greatest chance of being successful and creating an employee-ownership environment similar to the one they enjoyed as a part of the Torch Technologies family,” Bill Roark, CEO and co-founder of Torch Technologies, said. “The Torch Systems employees and management will be in a position to control their own destinies, and I couldn’t be happier for them. All of us at Torch Technologies wish them great success.”