Date: Friday , February 01, 2008
It seems building companies and then selling them is a habit of Rajesh K. Soin and his wife Indu Soin, an Ohio based Indian American couple. Modern Technologies Corp (MTC), a major U.S. military support provider, founded by this couple has now been acquired by the British defense firm BAE Systems. This 24-year-old company provides technical, professional, and logistics services to the U.S. defense department and intelligence agencies.
At last, “The deal is done,” said Soin, chairman and CEO of MTC, who was in India last month. BEA would buy the company for some $459 million and will purchase all outstanding shares at $24 each and also take over its debt liabilities of over $80 million.
Soin, born in New Delhi, went to the U.S. after finishing his Mechanical Engineering degree from Delhi University in 1969, with barely enough money to study in Bradley University. He completed his MS in Industrial Engineering from Bradley. He also has degrees from various U.S. universities in business and finance.
Soin began his career in 1971 with Firestone Tire and Rubber Company as an Industrial Engineer and later joined Williams International, where he handled a couple of different business ventures as Manager of Corporate Systems. But the couple wanted to start their own venture and finally did it in 1984.
Interestingly, when Soin and Indu started MTC, they had mere $1,700 in cash, some credit cards, and a dream with them. However, from the very inception MTC became one of the fastest growing companies in the U.S. In June 2002, it listed on the Nasdaq.
Though MTC was founded with the idea of providing engineering and technical services to the Department of Defense, it quickly became an incubator that spawned numerous other businesses. Interestingly, the Soin couple has founded several other successful business ventures in the U.S. and sold them off. May be that’s how the couple’s genes are!