LMI buys analytics software provider
- By Ross Wilkers
- Nov 04, 2019
Nonprofit government consultant firm LMI has acquired Clockworth Solutions, which provides software for clients to gain visibility in and manage their enterprise assets.
Terms of the transaction were undisclosed, but LMI noted in a release Friday that it sought to acquire a company focused on predictive analytics as part of the former’s growth strategy.
Clockworth is also based in Austin, Texas – a metropolitan region LMI has moved to bolster its presence in recently given the city is where Army Futures Command and other government customers are based at.
“We're especially excited to grow our footprint in Austin” LMI CEO David Zolet said in a release, adding the move helps the firm in “getting closer to both our critical customers and the vibrant innovation ecosystem there."
Austin is also where the head of LMI’s venture capital investment arm is based at because of both which government agencies are there and a growing ecosystem of technology startups in the region.
The acquisition of Clockworth is LMI’s second acquisition since Zolet became chief executive two years ago. The first deal closed in February of last year was for The Tauri Group, another government consultancy that count the Homeland Security Department as a major customer.
LMI posted $240.3 million in fiscal year 2017 revenue -- a sales number Zolet told WT in April the firm wants to eventually hit somewhere between $750 million and $1 billion through both organic growth and acquisitions.
Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at firstname.lastname@example.org. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.