Bethesda, MD-based IMB Partners announced on July 29 that it has made a growth equity investment in Ashburn Consulting LLC, a Northern Virginia-based information technology consulting firm that specializes in providing network engineering and cybersecurity solutions to federal, state and local governments and commercial clients. The investment commences a long-term partnership between IMB and Ashburn.
Ashburn, founded in 2002, provides vendor-agnostic engineering and IT architecture solutions and is highly experienced in infrastructure design, development, implementation, and on-going support. The company’s capabilities address the full lifecycle of network and security engineering support needs.
CEO of IMB Partners Tarrus Richardson said, “We are excited about our new partnership with Ashburn. It is an outstanding company with a great management team that has experienced significant growth given their subject matter expertise and exceptional client service. We look forward to supporting the company’s future growth, which is underpinned by favorable sector tailwinds that include the increasing threat of cyber-attacks and rising demand for enhanced network infrastructures for remote workplaces.”
Ashburn’s founder and Chief Financial Officer, Sung Lewe, said, “We are proud of our successful history of providing critical services to key federal, state and local government agencies, corporate enterprises and educational institutions. IMB Partners’ support will open new avenues for growth while allowing us to continue delivering the highest caliber, innovative solutions that meet our clients’ network engineering, cybersecurity and broader IT needs.”
The Ashburn investment expands IMB’s presence in the government IT services sector and builds on its experience with e&e, a provider of quality IT services to government and corporate clients across Pennsylvania and Florida, which IMB acquired in 2014. S&T Bank, a commercial bank based in Indiana, Pennsylvania, recently refinanced e&e’s debt in addition to providing the debt financing to support IMB’s investment in Ashburn.
Richardson said, “The private equity markets have shifted since COVID-19, but we remain very active given the resiliency of electric and gas utility services and government contracting, IMB’s focus sectors. We are excited about our partnerships with e&e and Ashburn and look forward to collaborating with their management teams to support their growth and continued focus on providing best-in-class client service.”
Source: IMB
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