Versar, a program management business supporting federal government and commercial clients and a portfolio company of private investment firm Kingswood Capital Management, has purchased BayFirst Solutions for an undisclosed sum as part of portfolio expansion initiative across the information technology and intelligence service areas.
“We look forward to combining the businesses and further expanding BayFirst’s reach across other departments and agencies where Versar does work today,” Versar CEO Dwane Stone said in a statement published Wednesday.
“BayFirst performs critical information technology and professional services on highly visible government programs and we are thrilled to bring BayFirst’s strong credentials onto the Versar platform,” Stone added.
Founded in 2002, BayFirst is a Washington, D.C.-based management and engineering firm focused on helping government customers implement programs aimed at safeguarding public safety and improving homeland security initiatives. Its capabilities include Agile software development, network engineering, intelligence and analytics, engineering and logistics and cybersecurity and information assurance.
Robert Rice, president and founder of BayFirst, said Versar’s capabilities and clients will allow BayFirst to expand its presence in delivering IT and intelligence platforms to the U.S. government.
Rice has joined Versar’s board as a result of the acquisition. BayFirst CEO Kevin Gooch will continue to lead the company.
G Squared Capital Partners, Saggar & Rosenberg and DLA Piper served as BayFirst’s advisers in the transaction. Goodwin Procter and Grant Thornton acted as advisers to Kingswood, which acquired Versar in 2017.
