Author: Angeline Leishman|| Date Published: April 7, 2022
NowVertical Group has wrapped up its acquisition of Arlington, Virginia-based systems engineering and technical services provider Allegient Defense after the Canadian big data software provider received approval from the Committee on Foreign Investment in the U.S.
NowVertical said Wednesday it purchased all of Allegient securities for approximately $10.4 million and secured a $5.8 million credit facility with West Virginia-headquartered MVB Bank.
The transaction, which was first announced in December, expands the acquirer’s Vertically Intelligent Government software portfolio to include support for artificial intelligence, cloud computing, next-generation weapons systems and unmanned aerial vehicles.
Daren Trousdell, chairman and CEO of NowVertical Group, said the company will build on the federal contract work, leadership team and infrastructure of the acquired business to grow its U.S. public sector market presence.
Allegient received a Government Contractor of the Year award from the Small and Emerging Contractor Advisory Forum in 2020.
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