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PEC SOLUTIONS (PECS) S-1 Filing (SEC form S1) PEC Solutions provides professional technology services that enable government entities to harness the power of the Internet and other advanced technologies to enhance productivity and improve services to the public. We migrate legacy computer systems and paper-intensive processes to integrated electronic government solutions, which are referred to as eGovernment solutions. We web-enable government by designing, building and managing Internet-based solutions. Our solutions provide users with rapid and easy access to large amounts of data and result in improved information flows among government workers as well as between government entities and their constituents. We are a TOTAL solutions provider of eGovernment services addressing the full technology lifecycle. We formulate technology strategies with our clients, we create fully integrated technology solutions and we manage and enhance these solutions over time. The substantial experience we have gained in the government marketplace allows us to design and implement complex mission-critical solutions that meet the unique challenges presented by our clients. Our eGovernment solutions include: - designing and developing technology strategies and web-enabled enterprise system architectures; - building and engineering complex intranets, extranets and other high performance infrastructures; - integrating legacy systems with web-based mission applications and architectures; - applying leading authentication and encryption security technologies; and - deploying and operating automated enterprise management systems. We serve clients at all levels of government. Since inception, we have worked with organizations representing every cabinet-level department of the Federal government. Our largest clients include Federal organizations such as: the Bureau of Alcohol, Tobacco and Firearms; the Drug Enforcement Administration; the Immigration and Naturalization Service; the Internal Revenue Service; the intelligence community; and the Veterans Benefits Administration. In addition to the Federal government, we have provided services to various state and local government entities as well as private sector organizations. We have provided more than $145 million worth of services in the government market over the last five years and have increased our revenues at approximately a 48% compound annual growth rate. OUR MARKET OPPORTUNITY The emergence of the Internet as a means of collecting, transmitting and managing information presents numerous opportunities for government to improve the way it communicates internally and with its constituents. In many areas, however, government lags behind the private sector in adopting Internet and other advanced technologies and is generally unable to adequately recruit and retain sufficient technology service professionals to implement eGovernment strategies. Procurement reform has paved the way for government organizations to obtain outsourced technology services faster and easier than before to meet this growing demand. According to International Data Corporation, overall government spending on information technology services is expected to increase from $11.8 billion in 1997 to $17.3 billion in 2002. Government spending on Internet services alone is expected to grow at approximately a 56% compound annual rate, reaching $2.8 billion in 2003. We believe that the government market for technology services is unlike the private sector market due to a combination of factors including: - most agencies have made substantial investments in legacy systems and are forced by budgetary constraints to update rather than replace these systems; - government systems must handle extremely large amounts of data; - many agencies have large and widely dispersed workforces; - government's need to protect sensitive and personal information requires heightened security; and - agencies must operate in a complex environment of strict government regulations. OUR ADVANTAGE Our focus on eGovernment solutions enables us to address an organization's most difficult technology challenges. From the executive management level to our project leaders, we employ people who have substantial government knowledge and experience. We use our broad technical skills and capabilities to design solutions that interface with, and often salvage, the significant investments that were made in aging legacy systems. For portions of our business, we develop reusable solution sets, enhanced through numerous client engagements, that allow us to deliver results to our clients faster, cheaper and with greater reliability. OUR STRATEGY Our goal is to strengthen our position as a leading eGovernment solutions provider. To achieve this goal, we plan to: - maintain our leadership position in emerging technologies such as the Internet and advanced security; - increase Federal government market penetration through new and existing clients; - enhance our brand and culture to continue to attract and retain clients and top quality professionals; - expand into state and local government and selected highly-regulated commercial markets where we can capitalize on our government domain expertise; and - undertake a disciplined acquisition program to broaden our client base, service offerings and geographic presence. | ||||||||||||
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