• Jobs & Careers
  • Investor Center
  • GSE Home
  • Search
GSE Solutions
  • Design & Analysis
      • Design & Analysis
        • Civil & Structural Engineering
        • Electrical / I&C Engineering
        • Fire Protection Engineering
        • Mechanical Engineering
        • All GSE Engineering Services >
      • Core competencies are engineering, project studies and design modifications, but through alliances with our teaming partners, we offer a myriad of related services.

        Watch video >

      • Engineer of Choice Provider - We maintain a deep bench of expertise that includes both bright, promising engineers and staff members with 40 or more years of industry experience.

    • Systems & Simulation
        • Systems & Simulation Solutions
          • High-fidelity Simulators
          • Classroom Simulators
          • Engineering Simulators
          • On-demand Training & Simulations
          • Simulator Upgrades & Maintenance
          • Platforms & Development Tools
          • Advanced Simulation Models
          • All GSE Engineering Services >
        • The most experienced simulation company in the world. Having delivered more full-scope simulators than all of our competitors combined.

          Watch video >

        • December 2022 News - GSE Solutions to Develop First-of-its-kind Hydrogen Plant Model for NuScale Power

          Read more >

      • Programs & Performance
          • Engineering Programs Services
            • ASME Code Programs
            • ASME Section XI Programs
            • Balance of Plant (BOP) Programs
            • Equipment Qualification Programs
            • Engineering Programs Training
            • Nuclear Power Plant Life Extension Services
            • Software (EP-Plus Engage)
          • Thermal Performance Services
            • Data Validation & Reconciliation (DVR)
            • Engineering Analysis & Support
            • Monitoring & Testing Services
            • Program Assessment Services
            • Thermal Performance Training
            • Thermal System Monitoring (TSM)
            • All GSE Engineering Services >
          • True North Consulting is now GSE Engineering, Programs & Performance group. Letter to customers >

        • Training Services
            • Nuclear Operator Training
              • SRO Certifications
              • Classroom Simulators
            • Engineering Programs Training
              • 10 CFR Appendix J
              • Advanced CHECWORKS
              • Appendix III MOV
              • Inservice Inspection (ISI) Programs
              • Inservice Testing (IST) Training
            • Thermal Performance Training
              • Basic Thermal Performance Training
              • Basic Thermal Performance for Fossil
              • Moisture Separator and Reheater Training
            • Training for Process/O&G
              • On-demand Simulation
              • Cloud-based Courses & Tutorials
              • All GSE Workforce Solutions >
            • Our team brings more than 40 years of experience developing training programs for the power generation industry. GSE offers training programs to fit every need, from turn-key to custom programs, to on-demand and certification courses.

              Watch video >

          • Technical Staffing
              • Technical Staffing
                • Nuclear Staffing
                • Thermal/Fossil Staffing
                • Oil & Gas Staffing
                • Renewable Energy Staffing
                • Transmission & Distribution Staffing
                • Vets On Call Program
              • Specialty Consultants
                • Nuclear Operations Specialists
                • Thermal Performance Analysts
                • Procedure Services & Specialists
                • Simulation Specialists
                • Nuclear Training Instructors
                • Design & Maintenance Engineers
                • All GSE Workforce Solutions >
              • GSE experts help identify solutions and talent to address workforce gaps. The GSE Workforce Solutions team will make sure the right people and skills are in place for customer operations to run smoothly.

                Watch video >

            • About
              • About GSE
              • Press Releases
              • Leadership
              • Board Members
              • Investor Center
              • Blogs & Articles
              • Resource Library
            • Contact
            • Menu Menu

            GSE Systems Acquires Hyperspring and 50% Interest in IntelliQlick

            November 17, 2014/in Acquisitions

            SYKESVILLE, MD – November 17, 2014 – GSE Systems, Inc. (NYSE MKT: GVP) (“GSE”), a global energy services solutions provider, today announced that its operating subsidiary, GSE Power Systems, Inc. (“GSE Power”), acquired Hyperspring, LLC (“Hyperspring”), which specializes in staff augmentation, training and development, and plant operations support services, primarily in the United States nuclear industry. In conjunction with the Hyperspring acquisition, GSE Power also acquired a 50% interest in IntelliQlik, LLC (“IntelliQlik”), which is developing a software platform for online learning and learning management for the energy market.

            Jim Eberle, CEO of GSE, commented, “As part of our lofty strategy to change the way the energy industry learns, the acquisition of Hyperspring delivers on our promise to diversify GSE’s business model and positions us to better address the growing demands of the energy services industry. Together we will improve operator performance through turnkey training solutions, with our unique visualization and simulation environment, a next-generation learning delivery platform through IntelliQlik, and through a staff of instructors, engineers and specialists to support our clients’ internal projects.”

            Mr. Eberle continued, “GSE has grown into a world leader in developing and providing real-time, high-fidelity simulation, training and engineering solutions to the energy industry. The energy industry in the U.S. is facing a skilled labor shortage that is especially acute among nuclear professionals. As these individuals retire, a significant void in operator experience will be created. The staffing solutions offered by Hyperspring provide us with a complementary way to address this growing global issue.”

            GSE Power paid the sellers of Hyperspring an aggregate of $3 million at closing (subject to adjustment based on a subsequent determination of the amount of actual working capital of Hyperspring at closing). In addition, GSE Power may be required, pursuant to the terms of the Purchase Agreement, to pay the sellers up to an additional $8.4 million if Hyperspring attains certain EBITDA (earnings before interest, taxes, depreciation and amortization) targets for the three-year period ending November 13, 2017. Hyperspring will operate as a wholly-owned subsidiary of GSE Power and will be run by its current Chief Executive Officer, Paul Abbott.

            Based upon its unaudited results of operations for the year ended December 31, 2013 and the nine months ended September 27, 2014, Hyperspring generated revenues of approximately $19.2 million and $13.0 million, respectively, and EBITDA of approximately $710,000 and $950,000, respectively. GSE expects the acquisition will be immediately accretive to earnings. Based upon the elimination of certain costs, GSE believes that if it had owned Hyperspring on January 1, 2013 and January 1, 2014, on a pro forma basis, Hyperspring would have generated EBITDA of approximately $1.4 million and $1.2 million, for the year ended December 31, 2013 and the nine months ended September 27, 2014, respectively.

            Although GSE has received representations and warranties from the sellers of Hyperspring with respect to the accuracy of its financial statements, including its results of operations, the financial statements have not been audited or reviewed, and do not provide the same assurances as audited or reviewed financial statements. As a result, indications by GSE in this press release as to the likely results of operations of Hyperspring on a pro forma basis are subject to the same risks and uncertainties as the Hyperspring unaudited financial statements; if the Hyperspring unaudited financial statements turn out to be inaccurate in any material respect, the proforma results discussed above are not likely to be correct. In addition, those statements are not guarantees of results that would have been (or will be) achieved by Hyperspring going forward.

            Hyperspring, founded in 2004, is headquartered in Huntsville, AL. Approximately 90% of Hyperspring’s revenues are generated from its staff augmentation business, and approximately 70% of revenues are generated from one utility. Hyperspring primarily serves the nuclear energy industry in the United States in areas such as providing training instructors, plant operations and engineering, procedure writing, corrective action management and work management.

            Mr. Eberle noted, “GSE and Hyperspring have distinct client bases, creating a significant opportunity to crosssell our respective products and services.”

            In connection with the Hyperspring acquisition, GSE Power invested $250,000 for a 50% interest in IntelliQlik, and is obligated to contribute an additional $250,000 upon the attainment by IntelliQlik of certain milestones. IntelliQlik is jointly owned by GSE and one of the former owners of Hyperspring. IntelliQlik is developing a software platform for online learning and learning management for all energy sectors, including nuclear, thermal, oil & gas, and hydro-electric. The IntelliQlik platform will also include applications to support plant engineering, operations and maintenance, as well as provide a platform for Software as a Service (SaaS) to deliver learning materials, industry recruitment services, and specialized simulator training programs.

            “Through IntelliQlik we hope to transform the landscape for training across the power industry,” said Mr. Eberle. “We are combining a proven, systematic approach to training with the conveniences that 21st century students take for granted, such as flexible scheduling, a student-centered environment, online classes, and computer simulation. Our end goal is to provide knowledgeable workers for an industry with an ever increasing need for skilled professionals.”

            Share this entry
            • Share on Facebook
            • Share on Twitter
            • Share on WhatsApp
            • Share on LinkedIn
            • Share by Mail
            https://gses.com/wp-content/uploads/2022/11/GSE-Solutions_tag-22a.png 0 0 Sunny Demattio https://gses.com/wp-content/uploads/2022/11/GSE-Solutions_tag-22a.png Sunny Demattio2014-11-17 08:42:392020-01-15 16:34:50GSE Systems Acquires Hyperspring and 50% Interest in IntelliQlick
            0 replies

            Leave a Reply

            Want to join the discussion?
            Feel free to contribute!

            Leave a Reply Cancel reply

            Your email address will not be published. Required fields are marked *

            Company Contact
            Sunny DeMattio
            Marketing & Communications Director
            GSE Solutions
            410.970.7931

            Kyle Loudermilk
            Chief Executive Officer
            GSE Solutions
            410.970.7800

            Lytham Partners
            Adam Lowensteiner
            Vice President
            gvp@lythampartners.com
            646.829.9702

            Topics

            • Acquisitions
            • Financials
            • Customer Wins
            • General News
            • Partnerships
            • Events & Speaking
            • Products & Solutions

            Archive

            • 2023
            • 2022
            • 2021
            • 2020
            • 2019
            • 2018
            • 2017
            • 2015
            • 2014
            • 2013
            GSE Solutions
            © 2023. All rights reserved.
            Privacy Policy

            Navigation

            • Investor Center
            • Jobs & Careers
            • Contact Us
            • Press Releases
            • Follow Us on LinkedIn

            Contact Us

            Scroll to top

            This site uses cookies to improve your browsing experience; the website may not work as expected without them. By continuing to browse this site, you consent to the use of cookies.

            OKLearn More

            Cookie and Privacy Settings



            How we use cookies

            We may request cookies to be set on your device. We use cookies to let us know when you visit our websites, how you interact with us, to enrich your user experience, and to customize your relationship with our website.

            Click on the different category headings to find out more. You can also change some of your preferences. Note that blocking some types of cookies may impact your experience on our websites and the services we are able to offer.

            Essential Website Cookies

            These cookies are strictly necessary to provide you with services available through our website and to use some of its features.

            Because these cookies are strictly necessary to deliver the website, refusing them will have impact how our site functions. You always can block or delete cookies by changing your browser settings and force blocking all cookies on this website. But this will always prompt you to accept/refuse cookies when revisiting our site.

            We fully respect if you want to refuse cookies but to avoid asking you again and again kindly allow us to store a cookie for that. You are free to opt out any time or opt in for other cookies to get a better experience. If you refuse cookies we will remove all set cookies in our domain.

            We provide you with a list of stored cookies on your computer in our domain so you can check what we stored. Due to security reasons we are not able to show or modify cookies from other domains. You can check these in your browser security settings.

            Other external services

            We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site. Changes will take effect once you reload the page.

            Google Webfont Settings:

            Google Map Settings:

            Google reCaptcha Settings:

            Vimeo and Youtube video embeds:

            Privacy Policy

            You can read about our cookies and privacy settings in detail on our Privacy Policy Page.

            Accept settingsHide notification only