Potomac Tech Wire - Nov. 26
McLean-based ID.me Closes on $67 Million Secondary Tender; Reported Valuation of $1.8 Billion
o McLean-based ID.me Closes on $67 Million Secondary Tender
o Falls Church-based Replica Cyber Raises $8 Million in Series A
o Arlington Capital Acquires Tennessee-based TEAM Tech
o Dulles-based Unanet Acquires DC-based GovPro AI
o Bridge Defense Makes Strategic Investment in Federated IT
o Rockville-based StarCompliance Acquires Aer Compliance
o Briefly Noted: Booz Allen Hamilton, BusPatrol
McLean-based ID.me Closes on $67 Million Secondary Tender
McLean, Va. – ID.me, the McLean-based identity management company, announced that it has sold $67 million in stock for early investors and employees through a secondary tender offer. The sale did not bring in funds to ID.me but rather allowed existing equity holders to sell shares. The purchasing parties were led by Ribbit Capital, with participation from existing investors Viking Global Investors and CapitalG. Bloomberg reported that the tender offer valued the company at $1.8 billion, up from a valuation of $1.73 billion two years ago.
Falls Church-based Replica Cyber Raises $8 Million in Series A
Falls Church, Va. – Replica Cyber, a Falls Church-based cybersecurity startup, announced that it has secured $8 million in Series A financing. The round was led by Capri Ventures, with participation from Blu Ventures and AFG.
"Replica is the culmination of over 20 years of experience in embedded tradecraft, intelligence operations, and cutting edge software,” said Kristopher Schroeder, the CEO of Grey Market Labs, the corporate name of Replica Cyber. “Our engineering team, with extensive backgrounds in offensive and defensive cyber warfare, has developed a product that is comprehensive with the protection and efficiency needed for today's enterprises and their users."
Arlington Capital Acquires Tennessee-based TEAM Tech
Washington, DC – Arlington Capital Partners, the DC-based private equity firm focused on government-regulated industries, announced that it has acquired Tennessee-based TEAM Technologies, a manufacturer of healthcare products, from Clearlake Capital Group. Financial terms of the deal were not disclosed. TEAM Tech provides various supply chain services to healthcare customers.
“As the last five years have demonstrated, global supply chains are not nearly as fortified as they need to be, particularly in medical device manufacturing,” said Matt Altman, a Managing Partner at Arlington Capital Partners. “TEAM Tech is not only focused on providing the world’s leading healthcare OEMs with holistic solutions for all their design and manufacturing needs, but also on strengthening our healthcare supply chains to improve the delivery of these critical goods to end users.”
Dulles-based Unanet Acquires DC-based GovPro AI
Dulles, Va. – Unanet, a Dulles-based provider of project-based software, announced that it has acquired DC-baed based GovPro AI, the developer of a proposal writing platform using AI. GovPro AI was founded by Alexander Cohen, who earned extra money while in graduate school writing government requests for proposals (RFP).
“Unanet chose GovPro AI to improve GovCons' business development processes due to its unique and compelling blend of expertise in GovCon procurement processes, as well as the secure application of AI to solve real-world business needs,” Unanet said in a news release about the deal. “GovPro AI's platform uses AI to create a high-quality first proposal draft – known to GovCons as the 'pink team' draft – for virtually any federal RFP in a matter of hours.”
Bridge Defense Makes Strategic Investment in Federated IT
Washington, DC – Bridge Defense, a New York-based defense technology company, announced that it has made a strategic investment in DC-based Federated IT, a provider of technology to U.S. intelligence and defense agencies. Financial terms were not released. Several Special Operations veterans lead Bridge Defense.
"This investment represents a pivotal step in Bridge Defense's mission to create the next-generation systems integrator," said Jack Kilcoyne, co-founder of Bridge Defense. "We will combine the critical services Federated IT provides with in-house software development capabilities to build a hybrid organization capable of delivering exceptional services and developing innovative solutions that address our customers' most pressing challenges."
Rockville-based StarCompliance Acquires Aer Compliance
Rockville, Md. – StarCompliance, a Rockville-based employee compliance software company, announced that it has acquired Aer Compliance, a provider of cryptocurrency trading clearance offerings. Financial terms were not disclosed. A news release about the deal, outlined the strategy behind the acquisition:
“This strategic acquisition positions Star clients to monitor and mitigate risk more holistically by bringing traditional securities trading, and now digital assets, into one comprehensive solution. With Aer's unique capability to monitor at the coin and wallet level—going beyond ETFs— Star's clients will gain unparalleled visibility and control in the rapidly evolving cryptocurrency landscape,” StarCompliance said in a press release about the deal.
Briefly Noted:
(McLean, Va) Booz Allen Hamilton, the McLean-based consulting firm, has named Debra Dial to its board of directors. Dial is the former chief accounting officer and controller of AT&T.
(Lorton, Va.) BusPatrol, the Lorton-based startup focused on school bus “stop-arm” safety technology, has named Manoj Shende, as its new CTO and Kate Manahan, as its new chief people officer. Shende has formerly worked at Aptiv, ServiceNow and Microsoft. Manahan was the former chief people officer at Built Technologies.