Fresh of the sale of one business, Macquarie Capital is back with another acquisition of a company in the federal technology market.
Macquarie has purchased Procentrix, a company that provides IT modernization solutions to civilian and defense customers.
Terms of the deal were not disclosed but it comes on the heels of its sale of Dovel Technologies to Guidehouse. Dovel made several acquisitions with the support of Macquarie and became an estimated $400 million-annual revenue entity, solidly in the middle tier.
Procentrix has been growing rapidly on its own and the backing from Macquarie will accelerate that, CEO Mike Hughes said.
“This partnership will help Procentrix significantly expand its capabilities, customer base and enable us to pursue new growth avenues,” he said.
Procentrix has built capabilities around “low-code” software development to help agencies integrate cloud services and automate workflows as they move away from legacy systems.
“We believe in the company’s vision. The strength of its management team, client offerings and Procentrix’s overall track record of excellence all support its franchise value and made our partnership highly compelling,” said Jared Doskow, managing director at Macquarie Capital Principal Finance, the principal investing arm of Macquarie Capital’s Advisory and Capital Solutions division.
This is the third U.S. federal services investment by Macquarie Capital Principal Finance since 2019.
Houlihan Lokey served as the exclusive financial adviser and assisted in marketing, structuring and negotiating the transaction on behalf of Procentrix.
Posted by Nick Wakeman on Nov 02, 2021 at 1:38 PM
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