Florida-based GEO Group has acquired BI for $415 million. BI, a private provider of innovative compliance technologies, monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants, will be integrated with GEO’s wholly-owned subsidiary, GEO Care, after the deal.

The acquisition may increase GEO’s total annual revenues by about $115 million to over $1.6 billion in 2011. Wells Fargo was the financial advisor to GEO, which is a provider of correctional, detention and treatment services to federal, state and local government agencies, while Harris Williams & Company was BI’s financial advisor.

Click here for the release from Business Wire.