Salient CRGT announces definitive agreement to acquire Information Innovators, Inc.
Salient CRGT, Inc. of Fairfax, VA announced on February 6 that it has signed a definitive agreement for the acquisition of Springfield, VA-based Information Innovators, Inc. (“Triple-i”), a technology and mission-focused company serving the federal government, with particular strength in the healthcare information technology (“IT”) arena. The agreement is expected to close within the first quarter of 2017. Salient CRGT is backed by two private equity firms, Bridge Growth Partners, LLC and Frontenac Co, and Triple-i is backed by DFW Capital Partners.
The transaction combines two highly complementary businesses. Triple-i has spent the past 16 years building and delivering a full suite of next generation solutions, including healthcare IT services, enterprise IT solutions, cloud services and agile development capabilities focused on the needs of customers within federal healthcare, civilian, national security, and defense markets. With the acquisition, Salient CRGT will increase its revenues to more than $500 million, solidifying the company’s position in the mid-tier federal IT services market and allowing it to effectively compete with large-scale professional services providers while maintaining its agile, innovative, quality-driven, and customer-centric approach.
“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, cyber security and mobility solution and services company. 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,” said Brad Antle, chief executive officer, Salient CRGT. “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.”
“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. 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,” said Tom Ferrando, president of Salient CRGT. “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 chief executive officer 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.”
Terms of the transaction were not disclosed. RBC Capital Markets and Sagent Advisors served as Salient CRGT’s financial advisors, and KippsDeSanto & Co. served as Triple-i’s financial advisor. Willkie Farr & Gallagher LLP and Garvey Schubert Barer served as legal advisor for Salient CRGT. Holland & Knight served as legal advisor for Triple-i.
Source: Salient CRGT