Raytheon will operate the company as a new, wholly owned subsidiary, Raytheon Oakley Systems, Inc., within Raytheons Intelligence and Information Systems business (IIS). The combination of Raytheon and Oakley Networks offers a unique set of products and services that builds upon Raytheons software systems expertise and leverages Oakleys broad enterprise monitoring solutions.

"The purchase of Oakley Networks supports our growth strategy of strengthening solutions in current markets, and entering adjacent markets where we can establish a leadership position," said Michael D. Keebaugh, president of Raytheon Intelligence and Information Systems.

"Oakleys capabilities complement the IIS portfolio, enable us to bring new services to our legacy government customers, and build upon Raytheons four decades of experience protecting government information," Keebaugh added

"Our best-of-breed data and infrastructure protection technologies are now backed with world-class services and support for design, deployment, integration and ongoing mission management," said Derek Smith, president of Raytheon Oakley Systems. "This combination gives us the strongest solution for both federal agencies and Fortune 500 companies that comprise our national infrastructure," he added.

Based in Garland, Texas, Raytheon IIS is a leading provider of information and intelligence solutions to the government. Raytheon IIS has annual revenues of approximately $2.6 billion and employs more than 9,000 engineering and technical professionals worldwide. Raytheon IIS achieved a strategic milestone in earning CMMI(R) (Capability Maturity Model Integration) Maturity Level 3 accreditation for the full model scope (System Engineering, Software Engineering, Integrated Product and Process Development, and Supplier Sourcing) across its enterprise.

Raytheon Company, with 2006 sales of $20.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.

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