Sev1Tech breaks $250M revenue mark with acquisition
By
Nick Wakeman
Sev1Tech is acquiring Geocent to add more DevSecOps and engineering services capabilities around a stable of IT modernization, cybersecurity and cloud services offerings.
Sev1Tech is acquiring Geocent to add more DevSecOps and engineering services capabilities to the buyer's stable of IT modernization, cybersecurity and cloud services offerings.
Terms of the deal were not disclosed.
Sev1TechCEO Bob Lohfeld called the acquisition a “milestone in our growth journey” because Geocent’s DevSecOps capabilities and scientific space domain knowledge fit with Sev1Tech’s growing space modernization work.
The transaction is backed by Sev1Tech’s private equity owners DFW Capital and Enlightenment Capital, and pushes Sev1Tech to about $250 million in annual revenue. Lohfeld set that goal for Sev1Tech in 2019.
“The combination of these management teams and the service synergies created will allow Sev1Tech to deliver even more complex solutions to an incredibly mission-driven customer base,” said Doug Gilbert, partner at DFW Capital.
In addition to the space sector, Sev1Tech and Geocent also have customers at the Homeland Security Department.
“Our combined capabilities will amplify our missions, from the tactical edge to the enterprise to the end user,” Lohfeld said.
KippsDeSanto & Co. was the exclusive financial adviser to Geocent.