GEO acquires BI Inc. for $415 million

BOULDER – A Boulder-based company that manufactures equipment used to track convicts has been sold for more than $415 million.

BI Inc., one of the nation’s largest providers of electronic monitoring services, was purchased by the GEO Group (NYSE: GEO) in an all-cash transaction, a press release from the GEO Group said.

BI was founded in Boulder in 1978. BI will be integrated into GEO’s subsidiary, GEO Care.

Calls to BI and GEO were not returned Wednesday, morning. The release from GEO did not explain what will happen to BI’s office in Boulder.

GEO builds and operates correctional facilities in the U.S., United Kingdom, Australia and South Africa. It is based in Boca Raton, Florida.

GEO expects the acquisition, scheduled to close in the first quarter of 2011, to add about $115 million in revenues each year.