Koniag Acquires Open Systems Technologies
FOR IMMEDIATE RELEASE:
May 8, 2012
Tom Panamaroff, President & CEO
Koniag Development Corporation
Koniag, Inc. acquires IT services company Open Systems Technologies
Grand Rapids, Mich., company adds expertise, growth to Koniag portfolio
(Anchorage, AK) Koniag Development Corporation (KDC) announced today it has finalized its purchase of Open Systems Technologies (OST), an information technology (IT) services company based in Grand Rapids, Mich.
Founded in 1997, OST offers data hosting, application development and other IT services to clients in the healthcare, manufacturing and distribution, finance and insurance industries. OST specializes in enterprise technology services – storing and managing data. The company has 100 full-time employees and 50 full-time contractors and operates satellite offices in Minneapolis, Minn., and Ann Arbor, Mich.
“Open Systems Technologies has strong leadership and an impressive track record of delivering exceptional results for numerous clients,” said Tom Panamaroff, president and CEO of Koniag Development Corporation. “The opportunity to combine OST’s expertise with Koniag’s resources and strategic vision will produce long-term benefits for OST’s clients and our Shareholders.”
In recent years, OST has achieved tremendous success, growing 80 percent over the past three years and five times making the annual Inc. 5000 list of America’s fastest-growing, privately held companies. Its client roster includes Boeing, NASA, Pfizer, Target, U.S. Bank, John Deere and Amway. This month, OST was named one of the 101 “best and brightest companies to work for” by the Michigan Business and Professional Association, an honor it has now received four years running.
“Koniag’s acquisition of Open Systems Technologies tremendously expands our offerings in the technical services field,” said Koniag, Inc. President and CEO Will Anderson. “Under a new strategic plan developed by our Board of Directors, we are focusing our resources on developing key sectors in order to work more effectively in the interests of our Shareholders. OST is a leader in technical services, and we couldn’t be more pleased to add their expertise and reputation for excellence to the Koniag family of companies.”
Koniag Development Corporation is a subsidiary of Koniag, Inc., one of the 13 Alaska Native regional corporations established in 1971 by the Alaska Native Claims Settlement Act (ANCSA). Koniag represents the Alutiiq people from Alaska’s Kodiak Island region. Koniag manages a diverse portfolio of real estate holdings and operating companies and is committed to benefiting Shareholders through growing dividends, educational scholarships and investments in cultural programs that preserve the Alutiiq heritage of the Kodiak Island region. For more information, visit www.Koniag.com.
Koniag mailed IRS forms 1099-MISC and 1099-DIV (if applicable) to Shareholders. The regular corporate distribution paid out in January of 2014 was not taxable and therefore the amount is NOT being reported on a form 1099-DIV. If the only payment you received during 2014 was the January distribution, then you will not be receiving any [...]more
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