The $14.9 million shares of common stock at a price of $17 per share are listed on the Nasdaq under the ticker symbol TLS — and were up by 12% on Thursday afternoon. The offering is expected to close on Nov. 23.
Telos intends to use the proceeds to repurchase a noncontrolling interest in Telos Identity Management Solutions LLC and to pay off outstanding debt.
The company provides cybersecurity solutions for IT risk management and information security along with other cloud services. Telos serves military, intelligence and civilian federal government agencies, allied nations and commercial organizations. Founded in 1969, it earned $219.2 million in 2019 revenues.
While COVID-19 cases run high and outside temperatures run low, the Loudoun County Board of Supervisors has allocated $250,000 in federal CARES Act funding to offset costs for outdoor dining, including seating, tents, heating systems and heating fuel, Loudoun Economic Development announced Thursday.
The Loudoun Is Ready Outdoor Seating Grant will provide up to $5,000 grants to approximately 50 businesses. Applications open at 10 a.m. on Tuesday, Nov. 24, and will be considered on a rolling basis.
“With the winter months right around the corner and COVID-19 cases on the rise, Loudoun restaurants and craft beverage businesses are doing everything they can to maintain sales and keep customers safe,” Loudoun Economic Development Executive Director Buddy Rizer said in a statement. “This is one very important way in which Loudoun County is supporting our business community during the ongoing health pandemic. We salute the resiliency of our businesses and understand that this money goes a long way toward their ultimate survival.”
Visit Loudoun, Loudoun Building and Development, the Loudoun Fire Marshal and the incorporated towns will help market the grant and verify applicant information.
McLean-based global food product manufacturer Mars Inc. announced Tuesday it has acquired healthy snack manufacturer Kind North America.
Transaction details were not disclosed.
Mars is the largest private company in Virginia. With annual sales of more than $35 billion, the candy and food manufacturer produces brands such as Snickers, M&Ms and Pedigree pet foods. Founded in 2004, Kind offers more than 100 snack products that contain nuts, grains and fruit. Kind will continue to operate as a separate business unit, according to Mars.
The acquisition follows a three-year partnership of the two brands that brought Kind products to more than 35 countries.
“When we began this partnership, I said it was one built on mutual admiration and a shared vision for growth. After three years, you can see the impact, as together we have grown the healthy snacking category and brought Kind and the Kind Promise to 35 countries and into new categories,” Mars CEO Grant F. Reid said in a statement. “We’re delighted to continue to build on this success and welcome Kind North America into the Mars family of companies.”
Alexandria-based software and IT company Gunnison Consulting Group Inc. announced Thursday it has acquired Reston-based IT services firm Global Solutions & Services Frameworks (G2SF).
Transaction details were not disclosed.
Gunnison provides software development, data analytics and cybersecurity services to federal government customers, while G2SF provides IT service management, mobility engineering and management, cybersecurity engineering and management as well as IT engineering and integration.
“The G2SF acquisition is part of a deliberate, strategic transformation for Gunnison, immediately adding complementary capabilities and greater scale with access to a new customer set,” Gunnison CEO Gil Dussek said in a statement. “This deal aligns with our modernization strategy and we remain focused on improving critical government programs, while driving long-term innovation to meet evolving customer demands.”
Gunnison used Holland & Knight as its legal adviser, while G2SF used Evergreen Advisors Capital as its financial adviser and DLA Piper as legal adviser.
As the U.S. Department of Labor notified the Virginia Employment Commission that the state’s extended benefits program would end on Nov. 21, more than 11,000 Virginians filed initial jobless claims and more than 85,000 filed continued claims.
Under the extended benefit program, Virginians who had already used regular unemployment insurance benefits as well as any pandemic emergency unemployment compensation could receive up to an additional 13 weeks of benefits, but those who were eligible will not receive payments past Nov. 21. The Labor Department is ending the extended benefits program for Virginia residents due to overall gains in employment.
The number of initial jobless claims in Virginia rose by 11.9% last week compared with the previous filing week, the Virginia Employment Commission reported Thursday, while continued claims fell by 7.4%.
For the week ending Nov. 14, 11,088 Virginians filed initial claims for unemployment, an increase of 1,179 from the previous week.
Last week, 85,129 Virginians remained unemployed — 67,529 higher than the 17,600 continued claims from the same period last year. People receiving unemployment benefits through the VEC must file weekly unemployment claims in order to continue receiving benefits.
“Over half of claims were in the accommodation/food service, health care, administrative support and retail trade industries,” according to the VEC. “The continued claims total is mainly comprised of those recent initial claimants who continued to file for unemployment insurance benefits during the COVID-19 pandemic.”
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 Nov. 14:
Nationwide, the advance figure for seasonally adjusted initial claims for last week was 742,000, an increase of 31,000 from the previous week’s revised level, according to the U.S. Department of Labor. There were 227,892 initial claims during the same week last year.
Using the “ALICE” acronym — asset-limited, income-constrained and employed — the United Ways of Virginia reported that 51% of Southwest households were under the ALICE threshold in 2018, compared to 39% across Virginia. Full data is not in for this year, but with the COVID-19pandemic and resulting economic crisis, the number of households living in poverty is expected to increase, the report says.
“These households contribute to Southwest Virginia’s economy by earning, spending and paying taxes, yet they still struggle to make ends meet,” United Way of Southwest Virginia CEO Travis Staton said in a statement. “Even though the cost of living in the region is lower than in the rest of the state, it is higher than what most residents earn.”
According to the report, the average ALICE household survival budget for a family of four was $78,528 in Virginia in 2018, requiring an hourly wage of $39.26. A single adult would need to earn nearly $15 an hour full-time to cover an annual budget of $29,580.
“The increase in people who cannot make ends meet drives our strategic initiatives across the cradle-to-career continuum for our new model United Way,” Staton added in his statement. “We must invest in our children and youth. This provides a greater return on investment than helping out later in their life, and we are working toward long-term generational change needed for Southwest Virginia.”
Although the Southwest region is collectively worse off than other Virginia regions, localities across the state also have individually high ALICE rates. The state’s highest rates are in the cities of Lynchburg and Radford at 67%; Petersburg at 66%; Dickenson County at 65%; Emporia at 64% and Manassas Park at 63%. The lowest rates are in Loudoun County at 23%; Falls Church at 24%; King George County at 26%; Fairfax County at 28%; and Goochland, Hanover, Stafford and York counties at 29%.
According to the report, approximately 16% of Virginia households — or 514,487 — were on the cusp of the ALICE threshold in 2018, with earnings just above or below it, and the cost of living is growing in urban and rural areas, often driven by the cost of housing. The report notes that there was an 88% decline in affordable rental housing in Alexandria between 2000 and 2018, and Virginia was one of nine states in the nation that experienced widening income inequality in 2018.
Most jobs are concentrated in Northern Virginia, Hampton Roads and the Richmond region, while growth was “sluggish” in rural regions due to an aging workforce and local industries. Low wage jobs — defined as less than the wage needed for two workers to afford a four-person household survival budget — increased from 34% of Virginia’s workforce in 2017 to 44% in 2018. High-wage jobs, meanwhile, declined 22% during the same period.
The report says that raising all Virginia households to the ALICE threshold would benefit the state’s bottom line by adding $107 billion in spending, earnings and tax revenue annually to the state GDP.
Bank of America donated $1 million to Northern Virginia Community College to help students of color complete education and training necessary for the workforce as part of its $25 million commitment to community colleges, historically Black colleges and universities, and Latino-serving institutions.
Using the donation, NOVA intends to develop and expand programs to meet skill gaps for in-demand, higher-paying jobs. Bank of America will work with regional employers on hiring needs and career pathways for future employment. Twenty-one U.S. higher education institutions were granted funding, with NOVA as the only Virginia-based recipient.
“NOVA is committed to ensuring that every student achieves and every community prospers, and with this investment, we will connect even more students to in-demand workforce pathways that lead to meaningful, sustaining careers, ensuring that the full diversity of our community is supported with the resources they need to achieve,” NOVA President Anne M. Kress said in a statement. “We thank Bank of America for this grant and for their dedication to closing income and opportunity gaps.”
Bank of America in September announced its partnership with the Virginia Ready Initiative, which serves to train Virginians for in-demand jobs. The company has also provided more than $3 million in job-initiative grants to Northern Virginia nonprofits that are working to connect people to regional jobs. These initiatives are part of the bank’s recent $1 billion, four-year commitment to advance racial equity and economic opportunity.
“Bank of America looks forward to working with NOVA and other employers in the DMV to identify needed skills and help create economic opportunity and a path to employment for qualified, well-trained talent,” Larry Di Rita, Bank of America’s market president for Greater Washington, D.C., said in a statement.
Bank of America operates 121 banks in Virginia. With $91.2 billion in revenue, 66 million clients and 210,000 employees worldwide, the Charlotte-based bank is the second-largest banking institution in the country.
Tysons-based government and defense consultancy LMI announced Wednesday that Christine “Chrissy” Cocrane has been promoted as vice president of management advisory services.
Cocrane most recently served as LMI’s director of policy analysis and operations. In her new role, she will oversee more than 600 policy analysts, project and program managers, communications, financial, science and technology professionals and management consultants.
“Chrissy is a proven leader greatly respected by her LMI colleagues,” LMI President and CEO Doug Wagoner said in a statement. “She understands our culture and the high expectations to which we hold ourselves — and has delivered for our customers time and again.”
Cocrane joined LMI in 2010 as an analyst for the Department of Defense. She succeeds Christen Smith, who now leads LMI’s health and civilian market.
LMI has been working with the Office of the Secretary of Defense, military services and defense agencies for six decades. Founded in 1961, LMI provides IT, analytics, logistics and management advisory services to federal clients. The company was originally formed to support the U.S. Department of Defense’s logistics management. Last year, the company reported $329 million in revenue.
Fifteen Virginia tech companies earned spots on Deloitte’s 26th annual North America Technology Fast 500 Rankings list released Wednesday.
“For more than 25 years, we’ve been honoring companies that define the cutting edge and this year’s Technology Fast 500 list is proof positive that technology — from software and digital media platforms, to biotech — truly does permeate so many facets of our lives,” Paul Silverglate, Deloitte vice chairman and U.S. technology sector leader, said in a statement. “We congratulate this year’s winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.”
Awardees are selected based on percentage fiscal year revenue growth from 2016 to 2019, which ranged from 175% to 106,508% during the three-year time frame. The median growth rate was 450%.
This year’s winners from Virginia are listed in terms of ranking:
No. 426: Perfecta, software and SaaS, 220% growth, Springfield
No. 427: WillowTree, software and SaaS, 219% growth, Charlottesville
No. 434: DocASAP, software and SaaS, 215% growth, Herndon
No. 446: Research Innovations Inc. (RII), software and SaaS, 209% growth, Alexandria
No. 459: KLDiscovery, software and SaaS, 198% growth, McLean
No. 474 PunchOut2Go, software and SaaS, 190% growth, Charlottesville
“This report is another reminder that the greater Washington area has become a leading center for technology and innovation,” Steve Balistreri, Deloitte’s technology, media and telecommunications industry leader for Greater Washington, said in a statement.
In order to be selected, companies must have base-year operating revenues of at least $50,000 and current-year operating revenues of at least $5 million. Companies must be in business for at least four years and be headquartered in North America.
The Norfolk Innovation Corridor (NIC), an initiative to attract and retain startups in the region, launched on Thursday, Old Dominion University announced.
Qualifying startups and company expansions can receive tax incentives (abatement of Business, Professional and Occupational License taxes at 100% for two years and 50% for three years) through the NIC, in collaboration with the Norfolk Economic Development Department. Tech companies specializing in combating sea level rise and recurrent flooding as well as cybersecurity, supply chain and maritimelogistics are eligible for the program, among other specialties.
Other proposed incentives include exempting technology equipment from business property taxes, support for patents and commercialization and subsidizing access to high-speed broadband.
“Civic and business leaders in Norfolk are prepared to do our part in reviving our region’s economy and making it work for everyone,” Charles V. McPhillips, past president of Greater Norfolk Corp., said in a statement.
Daniel Peterson, a market president for Truist who covers the Hampton Roads region, will chair the NIC.
“In the midst of one of the worst global pandemics in history, the launch of the Norfolk Innovation Corridor is a strong example of the resilience shown by anchor institutions and other economic, physical and networking assets concentrated in the Corridor, which today open doors to new opportunities,” Peterson said in a statement.
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