Bethesda, Md.-based private equity firm IMB Partners has invested in network security company Ashburn Consulting for an undisclosed amount to help grow the latter’s presence in the government information technology services market.
IMB said Wednesday the deal builds on its investment in IT services provider e&e six years ago and begins a long-term partnership with Ashburn.
Indiana, Pa.-based S&T Bank provided debt financing assistance for the Ashburn transaction.
“The private equity markets have shifted since COVID-19, but we remain very active given the resiliency of electric and gas utility services and government contracting,” said Tarrus Richardson, CEO of IMB.
Richardson added that an increase in cyberattacks and network demand for remote work arrangements drive a tailwind for the security sector.
Ashburn is headquartered in Northern Virginia and offers network engineering, cybersecurity and IT architecture support services to the national security community.