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byline: Sydney Lake

SAIC names government affairs senior VP

Reston-based Fortune 500 defense contractor Science Applications International Corp. (SAIC) announced Thursday that John Bonsell will rejoin the company as its senior vice president government affairs, effective immediately. He succeeds Tom Eldridge, who will retire this spring.

Bonsell worked with SAIC as a consultant from 2007 to 2012 and as a vice president within government affairs from 2015 to 2018. He most recently served as majority staff director for the Senate Armed Services Committee.

“We are incredibly excited for John to rejoin SAIC,” SAIC CEO Nazzic Keene said in a statement. “He brings extensive industry knowledge and government experience as well as his in-depth working knowledge of the Department of Defense.”

Bonsell has also served as ranking staff director for the Senate Armed Services Committee and was legislative director and deputy chief of staff for U.S. Sen. James Inhofe. During his time with the U.S. Army, he served as chief of concepts and doctrine. He earned his bachelor’s degree in political science and government from Penn State University.

SAIC employs more than 25,000 people and has pro forma annual revenues of $7.1 billion.

 

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First Bank to acquire The Bank of Fincastle

Strasburg-based First National Corp. (the bank holding company of First Bank) announced Thursday it will acquire The Bank of Fincastle.

Financial terms of the transaction were not released, but the combined bank is expected to have approximately $1.2 billion in assets, $868 million in loans, $1 billion in deposits and 20 branch offices across Virginia.

“With this combination, First Bank will extend its reach from the top of Virginia south down the I-81 corridor to Roanoke, ensuring our small and mid-sized Virginia markets continue to be served by an independent Virginia community bank,” First National President and CEO Scott Harvard said in a statement.

Under the transaction, First National will acquire Fincastle for a combination of stock and cash valued at approximately $3.09 per share. 

Founded in 1875 and based in Botetourt County, The Bank of Fincastle currently operates six locations in the Roanoke region. As of Dec. 31, 2020, it reported $256 million in assets.

“I am enthusiastic about the opportunity we have to partner with First National in a transaction that we believe offers significant opportunities to our clients, communities, employees and shareholders,” Fincastle President and CEO Scott Steele said in a statement. “This partnership is an excellent opportunity to create value for both institutions.”

The transaction is expected to close during the third quarter of 2021 and has been approved by the boards of each company. First National and First Bank will appoint three Fincastle directors to join the board. Steele will join First Bank as regional president. 

Piper Sandler & Co. served as financial adviser and Nelson Mullins Riley & Scarborough LLP provided legal counsel to First National for the transaction. Janney Montgomery Scott LLC served as financial adviser, RP Financial LC served as fairness adviser and Godfrey & Kahn, S.C. served as legal counsel to Fincastle.

 

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Fairfax company wins $175M Homeland Security contract

The U.S. Department of Homeland Security awarded Fairfax-based software company Salient CRGT Inc. a $175 million contract to provide IT service desk and field engineer support services for U.S. Citizenship and Immigration Services (USCIS), the company announced last week.

Under the five-year contract, Salient CRGT will provide services for approximately 27,000 USCIS end users across 250 locations. The company will provide desk operations and IT support to the system that manages the nation’s immigration system.

“Our knowledge of the operational environment and our commitment to the highest possible customer service provides USCIS with a dedicated and trusted partner to assist in executing this critical mission,” Salient CRGT CEO Tom Ferrando said in a statement. “We are honored to provide innovation and responsiveness in this partnership.”

Salient CRGT formed in 2015 following the merger of Salient Federal Solutions Inc. and CRGT, which created a $500 million company focused on agile development, data analytics and cybersecurity. 

 

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U.Va. Health System to buy out Novant Health in NoVa partnership

The University of Virginia Health System has signed a letter of intent to buy out Novant Health U.Va. Health System, a Northern Virginia regional health system owned by the two institutions through a joint operating company that formed in 2016.

Financial terms of the proposed acquisition have not been disclosed.

Winston-Salem, North Carolina-based Novant Health currently owns 60% of the health system, while U.Va. Health has 40% ownership in the joint operating company. If the new agreement is approved, U.Va. Health would own all the facilities and assets that are currently part of the joint operating company. Facilities include Novant Health U.Va. Health System’s Culpeper, Haymarket and Prince William Medical Centers.

Becoming full owner of the Northern Virginia health system would give U.Va. more than 1,000 inpatient beds across the three hospitals.

“Our goal is to further enhance access to quality care for residents of the region and to deliver this care when and where they need it,” Dr. K. Craig Kent, U.Va.’s executive vice president for health affairs, said in a statement. “We will do this in collaboration with all of the team members at Novant Health U.Va. Health System and the region’s medical community, including both employed and independent physicians.”

The closing of the transaction is subject to regulatory approvals and due diligence reviews. The systems plan to finalize the acquisition by July 1, according to a joint statement.

“Together, Novant Health and U.Va. Health have determined that having a single owner is the best way to provide exceptional care in the communities that the system serves,” Novant Health’s President and CEO Carl S. Armato said in a statement.

 

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ODU announces $3.9M cybersecurity scholarship program

Old Dominion University announced Thursday its School of Cybersecurity and Center for High Impact Practices has received a $3.9 million National Science Foundation grant to offer scholarships to cybersecurity students.

Through the grant, ODU will work with Tidewater Community College and Thomas Nelson Community College to provide full in-state tuition scholarships, an annual stipend ranging from $25,000 to $34,000 and a professional development allowance for 24 cybersecurity students. Scholarship recipients will participate in ODU’s “Preparing Future Cybersecurity LeADERS through Applied Learning Experiences” project. 

“The Cyber LeADERS grant epitomizes ODU’s strengths in promoting student success through cross-institutional efforts and building programs that address the needs of the community,” ODU President John R. Broderick said in a statement. “This grant shows that others have recognized the potential of our School of Cybersecurity and the value of our LeADERS program.”

Scholars will be required to complete summer internships with government agencies and after graduation they will be required to work for the federal government for a specified amount of time (the number of years in which the student was funded).

The program is open to TCC and TNCC cybersecurity students planning to transfer to ODU’s cybersecurity program as well as juniors, seniors and graduate students already enrolled.

 

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Herndon satellite company BlackSky to go public

Herndon- and Seattle-based global monitoring company BlackSky announced Thursday it will go public following its acquisition by Osprey Technology Acquisition Corp., a transaction that values the combined company at $1.1 billion.

Under the transaction, the special purpose acquisition corporation will merge with the Herndon company. BlackSky’s shareholders will own 62% of common shares of the merged company. It will trade on the New York Stock Exchange under the ticker symbol BKSY. 

Founded in 2014, BlackSky provides satellite imaging services using machine learning, artificial intelligence, computer vision and natural language processing.

“This transaction fully funds our growth plans and accelerates our vision of providing our customers with a ‘first-to-know’ advantage,” BlackSky CEO Brian O’Toole said in a statement. “This is an important inflection point for our industry as commercial and government users demand access to real time information about the changes that matter most to them.”

The transaction is expected to close in July. Other investors in the deal include Tiger Global Management, Mithril Capital, Hedosophia and Senator Investment Group.

 

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Fairfax County’s Richmond Highway area ripe for development during next decade

Between the development of Amazon.com Inc.’s $2.5 billion East Coast HQ2 headquarters in Arlington and Virginia Tech’s $1 billion Innovation Campus in Alexandria, Northern Virginia is ripe for commercial and residential development during the next decade.

According to a market assessment study presented to Fairfax County’s Economic Advisory Commission, the Richmond Highway corridor (a 10-mile stretch between the Capital Beltway and Fort Belvoir in Fairfax County) could see demand for up to 493,000 square feet of retail space and 380,000 square feet of office space by 2030. Currently, there are approximately 31,000 people employed in the Richmond Highway area and nearly 1 million square feet of office and industrial development.

“Richmond Highway is one of the oldest and most important business corridors in Fairfax County,” Victor Hoskins, president and CEO of the Fairfax County Economic Development Authority, said in a statement. “This market assessment will help county officials, businesses, residents, stakeholders and partners along the corridor build on the important work already done by the county and understand what kind of redevelopment and revitalization opportunities will bring the most benefits for the community and value to the county.”

The study conducted by Washington, D.C.-based Partners in Economic Solutions (PES) shows the pipeline for retail, office, hotel and residential development, plans for land use and effects of the $1 billion Embark Richmond Highway initiative, which includes plans for transportation and development along 7.5 miles of the area. 

Embark Richmond Highway GPS system courtesy Fairfax County.

According to the study, residential development will be impacted by the outcome of the construction of a bus rapid transit line, which would include nine stops at business centers in the corridor. 

“With improved accessibility, the corridor should benefit from the influx of workers and residents anticipated to accompany the Amazon HQ2 facility in National Landing further north along Richmond Highway,” according to the report. Between 2020 and 2035, the report suggests there could be a 27.4% influx of households, jumping from 32,284 to 47,183 along the Richmond Highway corridor.

The study shows that there is no demonstrable need for a new hotel in the area during the next few years due to a drop in occupancy related to the COVID-19 pandemic.

“Though performing better than anticipated based on the economic climate, Richmond Highway hotels are still well below optimal occupancy and room rate levels,” according to the report. “Research indicates that the recovery from the pandemic may take more than four years for local hotels to return to pre-COVID-19 performance levels.”

The study also outlines plans for branding communities along the corridor, including North Gateway/ Huntington, Penn Daw, Beacon/Groveton, Hybla Valley/Gum Springs, South County Center and Woodlawn. It also addresses finding new use for public spaces, technical and financial assistance for Richmond Highway businesses and marketing targeted at real estate investors.

“It provides us a framework for understanding where the historic Richmond Highway is today and a possible path forward in the specific market areas of retail, hotel and office,” Fairfax County Supervisor Rodney L. Lusk said in a statement. “This study and its findings are the first step in plotting our course and I look forward to working with the community to develop an implementation plan.”

 

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Reston firm names chief security officer

Reston-based professional services company Caliburn International LLC announced Thursday it has hired James Mehta as its chief security officer.

With more than 27 years of experience as a commissioned officer and special agent, Mehta most recently served as the director of strategic programs and requirements for the Air Force Office of Special Investigations. In his new role, he will focus on Caliburn’s global security strategies and programs.

Mehta earned his bachelor’s degree in engineering mechanics from the U.S. Air Force Academy, a master’s degree in national security strategy from the National War College and another master’s degree in national security affairs and Middle East regional affairs from the Naval Postgraduate School. He served in multiple leadership roles during his time with the U.S. Air Force, reaching the rank of colonel.

Caliburn provides professional services (consulting, engineering, medical and environmental) to federal government agencies and commercial clients. The company employs approximately 7,000 people across five continents.

 

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Va. saw slight uptick in jobless claims last week

Initial jobless claims filed last week rose 4.9% from the previous week, according to figures released Thursday by the Virginia Employment Commission, while continued claims slightly dropped.

During the week ending Feb. 13, 14,901 Virginians filed initial unemployment claims, compared to 14,203 from the week prior. 

Last week, 62,624 Virginians remained unemployed; that represents 40,143 more claims filed than the same period in 2020. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits. 

“Elevated levels this winter may have, in part, reflected reapplications for benefits following the government’s renewal of supplemental benefits until March 14 as part of the latest stimulus package,” according to the VEC.

More than half of the claimants who filed for benefits last week (and the prior two weeks) reported being in the accommodation/food service, administrative and waste services, retail trade and health care and social assistance industries, according to the VEC.

The regions of the state that have been most impacted continue to be Northern Virginia, Richmond and Hampton Roads. 

Below are the top 10 localities, listed by number of initial unemployment claims, for the week ending Feb. 13:

  • Richmond, 658
  • Virginia Beach, 603
  • Norfolk, 581
  • Fairfax County, 561
  • Prince William County, 398
  • Newport News, 355
  • Alexandria, 347
  • Chesapeake, 321
  • Portsmouth, 308
  • Chesterfield County, 285

Nationwide, the advance figure for seasonally adjusted initial claims last week was 861,000, an increase of 13,000 from the previous week’s revised level, according to the U.S. Department of Labor. There were 209,336 initial claims during the same week last year.

 

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Reston federal contractor names COO

Reston-based federal contractor Preferred Systems Solutions Inc. announced Thursday it has hired Cynthia Barreda as its chief operating officer. 

Barreda most recently served as CEO of Herndon-based tech company NetCentrics Corp., where she had been since 2002. In her new role, she will work on strategy and vision for the company with President and CEO Babs Doherty. She will also oversee the company’s mission solutions, national security and advanced technologies groups.

Barreda earned her bachelor’s degree in mathematics and computer science from Jacksonville State University. Before NetCentrics, she served as a principal at American Management Systems.

Founded in 1991, Preferred Systems Solutions provides program and acquisition management, financial consulting, engineering, technical services, mobile applications, computing, cloud migration and data analytics services. It is a CM Equity Partners portfolio company.

 

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