Potomac Tech Wire - July 10

College Park-based IonQ Raises $1 Billion in Securities Sale to Heights Capital Management

o College Park-based IonQ Raises $1 Billion in Securities Sale
o DC-based Corsha Receives Investment from Booz Allen Ventures
o Herndon-based Paxia Acquired by Liberty Hall Capital Partners
o FVLCRUM-backed FBR Solutions Acquires RTS Associates
o Bethesda-based Emagine IT Names Cedric Sims as New CEO
o DC-based FiscalNote Completes Sale of Australian Subsidiary
o Briefly Noted: DXC Technology, Everfox, Recovery Point Systems

College Park-based IonQ Raises $1 Billion in Securities Sale

College Park, Md. – With its stock now trading near all-time highs after hitting turbulence last year, College Park-based quantum computing company IonQ has raised $1.0 billion in a new equity offering. The common stock was purchased by Heights Capital Management, which paid a 25% premium above IonQ’s closing stock price on July 3, 2025.

“IonQ is well-capitalized with a strong cash position and has been rapidly expanding our ecosystem as we execute against our global quantum computing and networking strategy. We believe this is the largest common-stock single-institutional investment in the history of the quantum industry,” said Niccolo de Masi, president and CEO of IonQ. “It is a tremendous validation of our technical momentum, recent acquisitions, IP, and talent density. With this transaction, IonQ will benefit from a balance sheet of approximately $1.68 billion of pro-forma cash.”

DC-based Corsha Receives Strategic Investment from Booz Allen Ventures

Washington, DC – Corsha, a DC-based startup focused on securing machine-to-machine communication, announced that it has received a strategic investment from Booz Allen Ventures. The amount of the investment was not disclosed. Earlier this year, Corsha raised $18 million in a Series A-1 round with backing from Sinewave, Razor's Edge Ventures, and Ten Eleven Ventures. Its technology helps secure machine identity and access management (IAM), with a focus on the manufacturing, industrial, national defense and critical infrastructure sectors.

"Our world is shifting rapidly toward autonomy, automation, and connected machines. That future demands a new kind of identity infrastructure, purpose-built for mission systems and critical infrastructure,” said Anusha Iyer, CEO and Founder of Corsha. "Booz Allen brings unmatched scale, mission expertise, and deep roots in national security.”

Herndon-Based Paxia Acquired by Liberty Hall Capital Partners

Herndon, Va. – Paxia, a Herndon-based provider of catering management software and onboard services to commercial airlines, said South Carolina-based private equity firm Liberty Hall Capital Partners has acquired it. Financial terms of the deal were not disclosed. The company was acquired from TELEO Capital, which is retaining a minority stake. Founded in 2000, Paxia provides onboard services and a catering management platform designed to optimize catering operations, connecting suppliers, caterers, kitchens and airline operations. Clients include Alaska Airlines, British Airways, Cathay Pacific, Delta Airlines, flydubai and Scandinavian Airlines. Paxia's existing management team, led by CEO Rodney Duty, will remain in their roles.

FVLCRUM-backed FBR Solutions Acquires RTS Associates

Bethesda, Md. – Looking to expand its service offerings, FBR Solutions, a provider of telecom infrastructure services with offices in Reston, Georgia and Texas, said it has acquired Georgia-based RTS Associates, which provides telecom design and engineering services. Financial terms of the deal were not disclosed. FBR, which is backed by Bethesda-based FVLCRUM Funds, said the move will further expand its national capabilities in telecommunications design, engineering and turnkey deployment. Twenty-seven-year-old RTS has more than 250 employees in North America.

“This acquisition accelerates our ability to serve clients with full life-cycle capabilities, from design through deployment, in support of the nation's critical broadband expansion efforts,” said Matthew Glass, the CEO of FBR Solutions.

Bethesda-based Emagine IT Names Cedric Sims as New CEO

Bethesda, Md. – Emagine IT, a Bethesda-based provider of technology to the government, on Tuesday named Cedric Sims as its new CEO. He succeeds founder Aamir Saleem, who will remain with the company and focus on innovation strategy and business growth initiatives. Co-founder Song Pak will retain his role as president, focusing on the company’s private-sector capabilities. Sims most recently served as the senior vice president of enterprise innovation and integration at MITRE, and earlier was a senior vice president at Booz Allen Hamilton.

DC-based FiscalNote Completes Sale of Australian Subsidiary

Washington, DC – Continuing its recent string of divestitures, DC-based FiscalNote, a developer of software focused on policy and global intelligence, said it has completed the $6.5 million sale of its Australian subsidiary, TimeBase, to Thomson Reuters. The deal was first announced in May. The company said it plans to use the proceeds to further pay down the balance of its senior term loan. FiscalNote acquired TimeBase, a Sydney-based provider of Australian legislative information for legal professionals, in 2021 as part of its expansion into the APAC region. The news comes after FiscalNote completed its $40 million sale of two companies within its Global Intelligence business – Oxford Analytica and Dragonfly – to Dow Jones.

Briefly Noted

(Ashburn, Va.) Ashburn-based technology services provider DXC Technology has named Ramnath Venkataraman as its president of consulting and engineering services. Venkataraman previously spent nearly three decades at Accenture, most recently overseeing the firm's global technology sales, solutioning, assets, offerings and network of Advanced Technology Centers. https://www.dxc.com

(Herndon, Va.) Herndon-based cybersecurity firm Everfox has named Ned Miller as its vice president of global government sales, Jim Coulter as senior director of its Defense Department sales team and Ossen D'Haiti as senior director of its Intelligence Community sales team. The appointments come two years after the acquisition of the company, previously known as Forcepoint Federal, by investment firm TPG.

(Germantown, Md.) Germantown-based Recovery Point Systems, a provider of cyber resiliency and business continuity services, has named Brett Moss as its president and chief growth officer and Chris Rivera as its COO. Moss, a member of the company’s board since 2022, most recently served as the executive vice president of sales and marketing at DAS42, and Rivera was a senior operating executive at Abry Partners.