NewSpring continues to build Bcore
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By
Nick Wakeman
The private equity firm has supported Bcore in closing three acquisitions over less than a year.
NewSpring Holdings has wasted little time in building up Bcore since the private equity firm first entered that investment.
Bcore's acquisition of 2 Twelve is the third acquisition in less than a year after NewSpring acquired what was formerly called BridgeCore in July of 2023.
In September, Bcore purchased GeoYeti and then in October added Teknoluxion.
NewSpring is the same investor that built Avantus and then sold it to QinetiQ’s U.S. subsidiary in the fall of 2022 for $590 million.
In Bcore, NewSpring is building a company with IT and digital transformation skills. The addition of 2 Twelve brings technical expertise and end-to-end engineering capabilities.
"The integration of 2 Twelve’s pioneering digital transformation strategies and their notable achievements in rapid prototyping and cloud technologies into Bcore's suite of solutions is extremely powerful,” said retired Vice Adm. Bob Sharp, a member of Bcore’s board.
Reston, Virginia-headquartered 2 Twelve recorded $4.2 million in prime contract obligations during federal fiscal year 2023, according to USASpending.gov. All of that work was with the Navy.
KippsDeSanto acted as the financial adviser to 2 Twelve, whose legal counsel was Lowestein Sandler and Pillsbury. NextFed led commercial due diligence for Bcore, whose legal counsel was Blank Rome.