Neural Investments and Island Empire Community Development have jointly acquired Fairfax, Virginia-based information technology and consulting services provider DigitalSpec for an undisclosed sum.
DigitalSpec said Thursday the deal provides the company growth capital and access to government contracts as it looks to expand its digital services offerings for the federal sector.
The acquisition will provide the IT company avenues for organic growth and new changes for improved services and better scaling, a Neural Investment spokesperson said.
In addition, the new wholly owned Island Empire subsidiary will have the opportunity to compete for awards under the HNO’s Small Business Administration Super 8(a) contract vehicle and secure sole-sourced contracts worth up to $100 million.
“Together we can leverage larger sole-source contracts, empowering Native Hawaiians both socially and culturally by creating economic benefits through our various giveback programs,” shared Tautua Reed, chairman of Island Empire.