Kforce Inc. snaps up dNovus
By
Nick Wakeman
Kforce Inc. has acquired dNovus RDI in a move that bolsters Kforce's ability to act as a prime contractor for information technology particularly in the government health care market.
Kforce Inc. has acquired dNovus RDI of San Antonio in a move that bolsters Kforce's ability to act as a prime contractor for information technology particularly in the government health care market.
The company paid $38 million for dNovus, which had $32 million in annual revenue, Kforce officials said in a statement.
dNovus brings Kforce capabilities in network operations and information assurance, health care informatics, intelligence applications, and research and development. Major customers include the Veterans Affairs and Commerce departments, the Air Force, and the Army.
"We believe this step is a significant enhancement of the Kforce footprint in the prime federal government sector," said David Dunkel, Kforce's chairman and chief executive officer said, "This combination will enable Kforce's government solutions segment to well exceed $100 million in annual revenues in 2009."
The investment bank Houlihan Lokey served as an advisor to dNovus in the sale. The transaction fits with several merger and acquisition trends in the government market, including the high priority health IT has for buyers and the growing demand for companies with military network operations and information assurance qualifications, Houlihan Lokey said in a statement.