Business & Tech
Reston Cybersecurity Firm To Dissolve Amid Financial Decline: Report
A Reston-based cybersecurity firm will shut down and dissolve, impacting defense contractors and approximately 70 local employees.
RESTON, VA — NeoSystems LLC, a Reston-based cybersecurity firm specializing in defense contractor compliance, is preparing to dissolve following a "deteriorating financial condition," according to a report by the Washington Business Journal.
The company sent an employment termination notice to approximately 70 workers late Friday. In the letter, President Jeff Huckle stated that the company is winding down business operations after determining that "no viable options exist to avoid dissolution." Huckle noted that earlier notice was not possible because the company believed it would have hindered efforts to obtain the capital necessary to avoid termination.
While much of the company is shutting down, NeoSystems’ managed accounting division was acquired by Chantilly-based BlueStreet Solutions Inc. for an undisclosed sum.
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Read the Washington Business Journal's full report.
Also See: McLean-Based KETTLER Names Tim Johnson Chief Investment Officer
Find out what's happening in Restonfor free with the latest updates from Patch.
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