NewSpring gets back into government market via acquisition

Eight months on from an exit, private equity firm NewSpring Holdings has re-entered the government services market through an acquisition of a technology integrator focused on work with intelligence agencies.

NewSpring said Wednesday that it has also hired former Avantus Federal executive Chad Kim as CEO of Bridge Core, whose co-founders and leaders Tyler Laverick and Andy Rackovan will stay with the company in leadership roles.

Bridge Core provides visual intelligence, cybersecurity and other related technical solutions to its customers seeking to create more of a digital-centric workplace.

Avantus is the government technology company NewSpring formed in 2020 through a series of acquisitions of other businesses, then itself was acquired by QinetiQ's U.S. subsidiary in the fall of 2022 for approximately $590 million.

Kim worked as chief technology officer at Avantus in the four years prior to that transaction with QinetiQ and is also a two-decade veteran of the market, including roles at IBM and CACI International.

McLean, Virginia-headquartered Bridge Core will use the backing of NewSpring to explore potential acquisitions and pursue organic growth.

Laverick and Rackovan started the company in 2015 to work with agencies on their IT and visual intelligence programs. Bridge Core also touts cybersecurity, cloud computing migration, application development, geospatial analysis and the software engineering practice called DevOps as among its core service lines.