WFI Buys Defense IT Services Firm

San Diego-based WFI, a provider of design, deployment, and management services for the wireless industry, said yesterday that it is acquiring Madison Research Corporation, a technical solutions service provider for the U.S. Department of Defense, for $69M. WFI said that Madison Research has 375 employees in 15 states, working on over 85 contracts for the U.S. and other governments. MRC's customers include the U.S. Army, U.S. Air Force, and NASA. The deal includes cash and cash from a credit facility from KeyBanc, and MRC was advised by Wachovia Securities in the transaction.