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  • Friday, April 26, 2024

TPT Global Tech Subsidiary to Buy Construction & IT Services Provider IST

A TPT Global Tech subsidiary has entered into a stock transaction to acquire IST LLC, a general construction and information technology services company that works with government customers.

Under the deal, IST founder Everett Lanie will receive 2 million shares of TPT Strategic’s common stock and become the latter’s president and a member of its board of directors, TPT Global Tech said Thursday.

Huntsville, Alabama-based IST has supported projects by more than 15 federal agencies as a general contractor since 2008.

The company’s unaudited 2021 revenue was $2.8 million and its backlog for government contracts sat at $9.5 million as of April 30, 2022.

San Diego-headquartered TPT Global Tech operates as a technology holding company and offers cloud-based communications platforms.

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