Salient CRGT, Inc. has announced its intention to acquire Information Innovators, Inc. within the first quarter of 2017. Salient CRGT is backed by two private equity firms, Bridge Growth Partners, LLC and Frontenac Company, and Triple-i is backed by DFW Capital Partners. With the acquisition, Salient CRGT will increase its revenues to more than $500 million.
“Salient CRGT’s acquisition of Triple-i directly supports the company’s long-term growth objectives to create a premier mid-tier agile software development, data analytics, cybersecurity and mobility solution and services company,” said Salient CRGT CEO Brad Antle. “By combining the ingenuity, creativity and commitment of Salient CRGT and Triple-i employees, we will be able to deliver expanded services to our existing customers and offer compelling solutions to new customers.
“Now positioned firmly in this mid-tier market segment, Salient CRGT will compete more successfully and profitably in the federal IT market space with notable new capabilities in healthcare IT and consulting, IT infrastructure, network engineering and operations management, and cloud-based technologies,” he continued.
“This exciting transaction is a strategic step forward for Salient CRGT that is consistent with the goals we set together with our private equity partners Bridge Growth and Frontenac, when we decided to merge Salient and CRGT in 2015,” said Tom Ferrando, president of Salient CRGT. “Triple-i has supported 11 out of the 15 cabinet-level federal departments to design, implement, sustain and manage their IT and healthcare services requirements. 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.”
Commenting on the strategic nature of the acquisition, Steve Ikirt, president and CEO of Triple-i said:
“Over the years, there have been several companies interested in having Triple-i become part of their team. We determined that Salient CRGT had the strength of management, clear strategic direction, proven financial performance and the right mix of capabilities and customers to be an ideal fit for Triple-i. With Salient CRGT, we will be even better positioned to serve our customers’ needs with a broader and more diverse set of services.”
“This combination of two successful private equity-backed businesses creates a platform that exemplifies the importance of the roles of investors, partnered with strong management teams, in creating and building the next generation of competitors in the government contracting industry,” said Kevin DeSanto, managing director at KippsDeSanto.
Terms of the transaction were not disclosed. RBC Capital Markets and Sagent Advisors served as Salient CRGT’s financial advisers, and KippsDeSanto & Co. served as Triple-i’s financial adviser. Willkie Farr & Gallagher LLP and Garvey Schubert Barer served as legal adviser for Salient CRGT. Holland & Knight served as legal adviser for Triple-i.