M&A

Deltek to acquire market intell rival Onvia for $70M

(EDITOR'S NOTE: A prior version of the story said this is Deltek's first acquisition under Roper Technologies' ownership. Deltek acquired Workbook in late September.)

Nearly a year after being acquired itself, federal market intelligence giant Deltek announced an acquisition of its own Thursday with a deal to buy rival Onvia for approximately $70 million cash.

At $9.00 per share, the purchase price is double Onvia’s closing price of $4.50 on Wednesday. The companies expect to close the deal in the fourth quarter of 2017 pending the completion of Deltek’s all-cash tender offer for Onvia’s shares.

News of this deal comes 10 months after industrial and engineering conglomerate Roper Technologies acquired Deltek for $2.8 billion from private equity firm Thoma Bravo, which first purchased Deltek in 2012 for $1.1 billion. Deltek made six acquisitions and grew revenue 60 percent under Thoma Bravo's ownership, the investment firm said at the time of Deltek’s sale to Roper.

Headquartered in Seattle, Onvia’s market intelligence platform works to offer clients contracting leads in the federal, state and local government arenas. Deltek plans to integrate Onvia into the former’s flagship GovWin IQ platform widely used by government contracting firms.

Onvia reported $24.5 million in sales last year and $1.9 million in adjusted earnings before interest, taxes, depreciation and amortization expenses.

Onvia’s board of directors started a review of strategic alternatives for itself earlier this year, the company said in a release. Shares in Onvia soared to $8.99 in morning trade Thursday.

GCA Advisors LLC is acting as financial adviser to Onvia, and Perkins Coie LLP is legal adviser. Jones Day is the legal adviser for Deltek.

About the Author

Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at rwilkers@washingtontechnology.com. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.

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