Ramzi Musallam, CEO and managing partner of Veritas Capital, has been selected to receive a 2022 Wash100 Award. This marks his seventh consecutive selection to Executive Mosaic’s prestigious annual list of leaders who shape the government contracting landscape, a testament to his reputation as one of the most significant drivers of growth and innovation in the GovCon community.
Musallam stewarded the private equity firm through 10 acquisitions with an aggregate transaction value of more than $21 billion during 2021. New York City-based Veritas says it now has approximately $40 billion worth of assets under management. Visit Wash100.com to cast a vote for Musallam as one of your TEN votes to advocate for your favorite leaders in the federal and GovCon sectors.
In February 2021, Veritas expanded its portfolio company Peraton by merging the latter with the federal information technology and mission support services business it acquired from Northrop Grumman for $3.4 billion in cash.
Veritas continued to grow the size of Peraton when the private equity firm closed its $7.1 billion acquisition of Perspecta in May and combined the two government technology contractors, plus the former Northrop IT services unit, to create a powerhouse led by six-time Wash100 Award winner Stu Shea.
“Perspecta has always been a differentiated, innovative leader in this industry, and this combination with Peraton will create a powerhouse within the government technology market,” said Musallam. “We look forward to investing in the long-term success of the unified enterprise and to working closely with Stu and management to support our customers’ most vital missions.”
Veritas and fellow investment firm Evergreen Coast Capital then completed their purchase of Cubic Corp. in an approximately $2.8 billion deal that took the San Diego-based defense company private.
Musallam said Cubic’s exemplary work to address the mission-critical needs of global defense and transportation markets with its innovative technology platforms will continue as Veritas Capital plans to build on its expertise in the government tech market to drive growth and accelerate product development for both companies.
Veritas subsequently closed a $1.8 billion fundraising round for Vantage Fund that hit its hard cap in two months. “The Vantage Fund is a natural expansion for us and will enable us to further leverage technology to make a positive impact and support the growth of more businesses across the vital areas of our target industries,” Musallam said in May.
Three of the firm’s portfolio businesses engaged in M&A activity during 2021. Gainwell Technologies, which offers health and human services, acquired HMS Holdings for $3.4 billion in cash, or $37 per share, in April to expand Gainwell’s presence in the health care technology market. Guidehouse wrapped up its acquisition of Dovel Technologies from Macquarie Capital for an undisclosed sum. Anthology, an enterprise software and services provider to the higher education sector, merged with EdTech provider Blackboard in October.
Musallam told Forbes in September that keeping a close eye on government-influenced markets allows him and the company to understand how they can pursue investments in the sector.
“I and the firm maintain a very close proximity to government because government is at the forefront of all the complexities and issues that confront us,” said Musallam, who was featured in the Forbes 400 list for 2021.
Calendar year 2021 for Veritas also saw the firm sell athenahealth to Hellman & Friedman and Bain Capital for $17 billion; Abaco Systems to Ametek for $1.35 billion; and Alion Science and Technology to Huntington Ingalls Industries for $1.65 billion.
Executive Mosaic is proud to recognize Veritas Capital and Ramzi Mussalam for being named a 2022 Wash100 Award recipient, the seventh time he’s received the most prestigious award in all of GovCon.
Visit Wash100.com to vote for Ramzi Mussalam before April 30th to recognize him as the most significant leader to the GovCon community and federal landscape.