Private equity firm Welsh, Carson, Anderson & Stowe has made an investment in GovernmentCIO, a provider of technology and digital platforms to the federal health information technology services market, to support the latter’s organic growth initiatives and client base expansion efforts.
Jim Brabston, a former senior executive at Camber and Stanley, will join GovCIO’s management team as CEO while Joe Cormier, who held senior executive roles at ManTech International (Nasdaq: MANT), Sotera Defense Solutions and Camber, will serve as an executive vice president and chief financial officer, WCAS said Friday.
GovCIO was established by Brian Moran, a U.S. Navy veteran, in 2010 and has been delivering digital and tech platforms and services to the departments of Health and Human Services and Veterans Affairs as a prime contractor.
“Our partnership with WCAS allows us to invest in our technical capabilities and customer relationships to further differentiate our value proposition in the market and take GovCIO to the next level of growth and scale,” said Moran, who will continue to serve as a senior executive and retain a minority interest in GovCIO.
DC Capital Advisors and Kirkland & Ellis respectively served as WCAS’ financial and legal advisers in the strategic investment. Houlihan Lokey advised GovCIO on the transaction’s financial aspect while Covington served as the company’s legal adviser.