Reston, Va. (Monday, January 6) – Acclaim Technical Services, a premier supplier of mission critical services for various programs of the US government, announced that the company has transferred 100% ownership of the company to its employees on December 24, 2013. The ownership transfer was conducted via an Employee Stock Ownership Plan, or ESOP.
An ESOP is a qualified retirement plan that buys, holds and sells company stock for the benefit of the employees, providing them with an ownership stake in the company.
Acclaim Technical Services CEO Trever Neves said the sale is intended to reward employees for their role in the company’s success and to enhance its long-term performance. “Our employees have been critical to the great reputation we enjoy today; with a real stake in the company’s success, they’ll serve as a catalyst for continued improvements and a driving force focused on exceeding client expectations every day,” Neves said.
Neves added that the company chose to take advantage of this form of sale because ESOPs have been shown to better position companies for sustained growth. The Employee Ownership Foundation’s 22nd Annual ESOP Economic Performance Survey showed that a significant majority of ESOP companies showed increases in productivity, revenue, stock value and profitability, all of which benefit employees.
ESOP Partners, an ESOP consulting and administration firm in Appleton, Wis., assisted with the sale and will continue to work with the company as an ESOP consultant and third party administrator.
About Acclaim Technical Services Inc.
Acclaim Technical Services Inc. (ATS) has provided highly specialized intelligence services, language-based services, operational support, and training and exercise support to various programs of the US Government Intelligence, Defense, and Law Enforcement Communities, and commercial clients since January 2000. ATS is well regarded among industry peers and customers for providing the highest quality personnel, services, and comprehensive solutions. ATS is a mission-focused, employee owned company.
There are approximately 10,000 ESOPs in place in the US, covering 10.3 million employees (10 percent of the private sector workforce). Research suggests that ESOP companies grow faster than their non-ESOP counterparts, and that their employees have more sustainable employment, increased job satisfaction, and greater organizational commitment.
Kimm Sharp, Director of H.R.
Acclaim Technical Services