Salient CRGT Acquires Triple-i
Virginia-based technology company Salient CRGT has acquired Springfield, VA-based Information Innovators, Inc. The company, which is known as Triple-i, will bring all of its business lines over as part of the deal.
Salient CRGT, which is backed by private equity firms Bridge Growth Partners LLC and Frontenac Co., has been on the hunt for acquisitions to grow the business into a comprehensive mid-tier federal technology contractor. With the acquisition of Triple-i, the company will be able to bolt on a healthcare business as well as additional technology capabilities. Triple-i is currently backed by private equity firm DFW Capital Partners.
Terms of the deal were not disclosed. The agreement is expected to close within the first quarter of 2017.
“We think the acquisition of Triple-i will improve our competitive posture,” said Salient CRGT CEO Brad Antle in an interview with CivSource. “This is a great time to be involved in the federal marketplace and we think with the addition of a healthcare business as part of our portfolio, we will be able to make stronger bids at the mid-tier level.”
Alongside a fairly standard set of technology offerings including engineering, cloud services, and cybersecurity, Triple-i has made a name for itself as a health IT vendor with solutions tailored specifically to the federal government. The company provides healthcare policy development and analysis; external public affairs support for healthcare initiatives; healthcare provider training and education, and program and operations management. These services along with all of the other business lines at Triple-i will be fully absorbed in the acquisition and become part of Salient CRGT.
In addition to healthcare, the deal will also add managed services to Salient CRGT’s portfolio. According to Antle, the while Salient CRGT will be immediately focused on integrating Triple-i, the company is also keeping an eye out for additional opportunistic acquisitions that would expand Salient’s healthcare, cybersecurity and cloud services businesses.
Triple-i will bring on approximately $200 million in additional revenue for Salient CRGT, bringing total company revenues after completion to over $500 million.
“By combining their experience and our network, this acquisition expands Salient CRGT’s portfolio of high-profile agencies, including Health and Human Services, Department of Veterans Affairs, Defense Health Agency, and Department of Homeland Security while adding important contracts to our portfolio, including VA T4NG, CMS SPARC, GSA PSS, and USAMRAA TEAMS, among others,” Tom Ferrando, President of Salient CRGT added.
RBC Capital Markets and Sagent Advisors served as Salient CRGT’s financial advisors, and KippsDeSanto & Co. served as Triple-i’s financial advisor on the transaction.