Potomac Tech Wire - Feb. 6
Baltimore-based ZeroFox To Be Acquired By Haveli Investments; Stock Price Down 90% since SPAC Merger
o Baltimore-based ZeroFox To Be Acquired By Haveli Investments
o DXC Technology Names Raul Fernandez as President and CEO
o McLean-based Xcelerate Merges With Fairfax-based VMD
o Tegna’s Premion Unit Acquires Octillion Media
o Women in Technology Names Finalists for Leadership Awards
o Briefly Noted: Maximus - Derrick Pledger, SpiderOak, TEDCO - Cyber Maryland Program
Baltimore-based ZeroFox To Be Acquired By Haveli Investments
Baltimore – With its stock price down nearly 90% since its SPAC merger in 2022, ZeroFox Holdings, the publicly traded cybersecurity firm headquartered in Baltimore, announced that private equity firm Haveli Investments will acquire it for $1.14 per share. The all-cash deal gives ZeroFox an enterprise value of $350 million, far under its $1.4 billion value when it first went public through the SPAC merger. In recent months, the company has been considering various options to avoid being delisted from the Nasdaq.
“With Haveli Investments, ZeroFox has identified a strong partner with the right combination of high growth software experience, strategic and operational resources, and a shared passion and commitment to external cybersecurity,” said James Foster, founder and CEO of ZeroFox. “We believe that this transaction represents a compelling outcome for ZeroFox stockholders, particularly given the volatility in the market, and best positions ZeroFox for our next phase of growth.”
DXC Technology Names Raul Fernandez as President and CEO
Ashburn, Va. – DXC Technology, the Ashburn-based technology services giant, has named Raul Fernandez as its president and CEO. Fernandez had held the role on an interim basis since December, when Mike Salvino stepped down as chairman, president and CEO in mutual agreement with the company’s board of directors. Fernandez previously served as the CEO of several companies, including Proxicom, which he founded, Dimension Data North America and ObjectVideo. He is also the vice chairman and co-owner of Monumental Sports & Entertainment.
McLean-based Xcelerate Merges With Fairfax-based VMD
McLean, Va. – Xcelerate Solutions, a McLean-based defense firm backed by McNally Capital, announced that it has merged with Fairfax-based VMD, a cybersecurity and infrastructure security firm. The combined company, which will have over 1,000 employees, will be called Xcelerate Solutions. Financial terms of the transaction were not disclosed.
"We see this merger as a win-win. We share similar cultures, like-minded leadership, and a deep commitment to delivering positive mission outcomes," said Mark Drever, Chief Executive Officer of Xcelerate. "Since the investment from McNally Capital, we've been actively looking to expand our security and IT capabilities through M&A. VMD is a great match."
Tegna’s Premion Unit Acquires Octillion Media
Tysons, Va. – Tegna, the Tysons-based media spinout from Gannett that owns 64 U.S. television stations, said that its Premion advertising unit has acquired Florida-based Octillion Media, the developer of a demand-side platform focused on local advertising. Financial terms of the deal were not disclosed. Gabe Greenberg, the co-founder and CEO of Octillion, as well as all the company’s employees, will join New York-based Premion. Founded in 2019, Octillion Media is the creator of a platform that focuses on connected TV and over-the-top advertising.
Women in Technology Names Finalists for 25th Annual Leadership Awards
Falls Church, Va. – Women in Technology (WIT), the Falls Church-based organization supporting women in the DC technology community, has named the finalists for its 25th Annual Leadership Awards. The awards recognize women leaders in the technology field who demonstrate “unique vision and dedication to mentorship within their organization and community.” The complete list of finalists is available here.
(Tysons, Va.) Tysons-based government services firm Maximus has named Derrick Pledger as its chief digital and information officer. Pledger, who previously held the same role at Leidos, will lead the company’s technology modernization and enterprise IT strategies.
(Reston, Va.) Reston-based SpiderOak, a developer of cybersecurity tools for space systems, has named Caitlin Marsh as its vice president of product. Marsh previously played a pivotal role in strategic development at Ball Aerospace, and earlier spent several years at investment firm In-Q-Tel.
(Columbia, Md.) The Maryland Technology Development Corp. (TEDCO) has announced the newly appointed board of directors for its Cyber Maryland Program, which was established by the Maryland General Assembly last year to address cybersecurity-related workforce vacancies in the state. The complete 18-member board is available here.