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.