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byline: Sydney Lake

KeyBank parent company to buy McLean data firm

Cleveland, Ohio-based financial services company KeyCorp announced Tuesday it will acquire McLean-based AQN Strategies LLC, a data and analytics firm focused on financial services established by Ben Sabloff and Nigel Morris, co-founder of Capital One and fintech venture capital firm QED Investors.

Financial terms of the transaction were not disclosed. Sabloff will serve as KeyCorp’s head of analytics.

AQN was founded in 2017 and provides data and analytics services to banks and fintech companies. KeyCorp is one of the nation’s largest bank-based financial services companies with approximately $170.3 billion in assets as of Dec. 31, 2020. It operates in 15 states and 1,000 branches and operates approximately 1,400 ATMs.

“The dynamic nature of our industry and the vast amounts of data available from our increasing digital environment require a relentless focus on insights and experimentation to drive customer value and create great customer experiences,” Ken Gavrity, KeyCorp head of payments and analytics, said in a statement. 

 

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Herndon tech company buys Vienna-based IT defense biz from AT&T

Herndon-based systems integrator Tyto Athene announced Wednesday it will acquire AT&T’s Vienna-based Department of Defense-focused IT professional services business, also known as Government Solutions Inc.

Financial terms of the transaction were not disclosed. Making up a small slice of AT&T’s federal business, the division acquired by Tyto provides IT professional services to DOD customers. The sale to Tyto also includes a few selected other contracts requiring IT professional services.

The transaction is expected to close at the end of the first quarter or early in the second quarter of 2021.

Tyto Athene was founded in August 2018 when Arlington Capital Partners acquired the government solutions division of Black Box Corp., and in 2019 Tyto Athene acquired Island Information Technology consultants, which provides communications services to the intelligence community. Arlington Capital Partners invests out of a $1.7 billion fund.

Its latest acquisition will allow the company to provide services for all-domain operations for U.S. national defense strategy. 

The combined company will employ approximately 1,200 people and have 18 offices worldwide.

 

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Prince William company to expand manufacturing of COVID-19 test products

Prince William County-based Ceres Nanosciences Inc. will increase manufacturing of its reagent product used in COVID-19 tests, Gov. Ralph Northam announced Wednesday. The project will create 50 jobs in engineering, advanced manufacturing and materials science during the next three years.

“This expansion will enable Ceres Nanosciences to vastly increase production of its patented technology to support current and future COVID-19 testing needs both in the commonwealth and around the country,” Northam said in a statement. 

Ceres Nanosciences manufactures nanotrap magnetic virus particles for diagnostic tests. In September 2020, Ceres was awarded a $6.57 million National Institutes of Health contract to launch technology to be used in COVID-19 testing. Ceres’ technology eliminates the need for RNA extraction kids, reduces sample processing time and improves the sensitivity of the tests.

“Ceres chose to expand in Virginia because of the commonwealth’s commitment to support the life sciences industry and provide valuable incentives to small businesses throughout every stage of their growth cycle,” Ceres CEO Ross Dunlap said in a statement. “Virginia has a deep well of scientific talent and resources that are critical for success in the biotech and life sciences industry.”

The Virginia Economic Development Partnership worked with Prince William County to secure the project for Virginia. It will support the company through its Virginia Jobs Investment Program (VJIP), which provides consultation and funding to companies creating jobs. 

 

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Vienna systems integrator acquires Herndon software company

Vienna-based systems integrator Criterion Systems announced Tuesday it has acquired Herndon-based software company Realm Consulting. 

Financial terms of the transaction were not disclosed. 

Under the acquisition, Realm will operate as a wholly owned subsidiary of Criterion. Founded in 2005, Criterion provides cybersecurity, cloud/data center management, IT infrastructure operations and systems engineering services to the federal government. Realm provides software and technology to intelligence agencies.

Criterion Chief Financial Officer Steve Mast serves as president of the subsidiary, while Realm co-founder Ross Deem serves as the vice president and chief technology officer and John Abromavage, Realm’s former vice president of strategy, serves as vice president of intelligence solutions.

 

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Alion wins $89M Air Force task order

The U.S. Air Force awarded McLean-based defense contractor Alion Science and Technology Corp. an $89 million task order to provide engineering, research and development and test and evaluation services, the company announced Friday.

Under the task order, Alion will focus on software and data integration, coordination, knowledge management and information sharing of systems and subsystems for military sensing.

Founded in 2002, Alion specializes in training, big data analytics and cybersecurity. The company has more than 55 offices in the U.S. and more than 25 research labs. In late January, the company was also awarded an $87 million contract to help the Naval Surface Warfare Center develop a vertical launching system and training equipment for the naval base in Port Hueneme, California.

 

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Va. Tech Transportation Institute director to step down

Tom Dingus, the director of the Virginia Tech Transportation Institute (VTTI) for the past 25 years, will step down from his position and return to the faculty, the university announced Monday.

The endowed professor has been a driver safety researcher for the past 35 years and has had a keen focus on autonomous technologies for vehicles. In 2015, he was the only academic to be elected to the Virginia Governor’s Unmanned Systems Commission.

“Tom’s leadership has been one major reason that Virginia continues to lead the country in this cutting-edge industry,” U.S. Sen. Mark Warner said in a statement.

During his time with VTTI, Dingus has been involved with research focused on self-driving technologies and driver safety. VTTI works with private- and public-sector partners, including the National Highway Traffic Safety Administration, 14 automotive manufacturers (including General Motors) and more than 50 suppliers to create data acquisition, advanced data analytics, and simulation methods for development.

“Over many years, Tom has pioneered new approaches to understanding road safety and his influence has found its way into nearly every safety feature on every GM vehicle,” John Capp, GM director of vehicle safety technology, strategy and regulations, said in a statement. “I greatly appreciate all he has done to teach policy makers, the industry and me personally about how crashes happen and things we can do to make driving safer.”

VTTI, which was first founded as the Center for Transportation Research, employs approximately 500 people and is currently working on 300 projects. Annually, VTTI has more than $50 million in sponsored program research expenditures. It houses the $28 million Safety Through Disruption University Transportation Center and the National Surface Transportation Safety Center for Excellence.

“Tom’s exceptional work and his commitment to strengthening our nation’s ground transportation policies and safety infrastructure will benefit drivers and road travelers for decades to come,” Don Taylor, Virginia Tech executive vice provost, said in a statement.

 

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U.Va. Community Credit Union names chief lending officer

The University of Virginia Community Credit Union announced Monday it has hired Joe Raichel as its first chief lending officer. 

With more than 23 years of experience in the financial services industry, Raichel most recently served as a senior vice president with Wells Fargo. He will report directly to U.Va. Credit Union President and CEO Alison DeTuncq.

Raichel serves as vice chair for the Piedmont Virginia Community College Educational Foundation Board of Directors. 

He earned his bachelor’s degree in finance and marketing from Kent State University and his master’s degree in business administration from the University of North Carolina at Charlotte.

U.Va. Community Credit Union is a not-for-profit, member-owned cooperative that provides financial services to more than 70,000 members across the state.

 

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Vienna, Arlington government contractors merge

Vienna-based government contractor The Ambit Group and Arlington-based IT company GreenZone Solutions Inc. have merged.

Financial terms of the transaction were not disclosed. The combined company will operate under the Ambit brand.

Founded in 2004, Ambit provides mission-driven services for government customers, while GreenZone specializes in data management, operations, science and analytics.

Under the merger, Ambit founder and CEO Kim Hayes will serve as co-CEO along with Ashequl Hoque, who currently serves as an Ambit partner and CFO. Qasim Hussain, chief operating officer of GreenZone, will serve as the chief innovation officer, Sandy Peavy will be chief information officer, LC Cook will be chief growth officer and Eric Hansen will serve as senior vice president of delivery operations.

The merger was completed in partnership with AE Industrial Partners Structured Solutions I LP, an affiliate of AE Industrial Partners LP. It was financed by Atlantic Union Bank.

“The demand for transformative IT services in the federal government has never been greater, and we believe the combination of Ambit and GreenZone will offer their customers a wider array of IT solutions,” AEI partner Kirk Konert said in a statement. 

Holland & Knight LLP served as legal adviser and Agreeance LLC served as a merger and acquisition consultant to Ambit, while Pillsbury Winthrop Shaw Pittman LLP served as legal adviser to GreenZone.

 

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San Francisco space data firm to merge with Reston SPAC to go public

San Francisco-based space-based data and analytics firm Spire Global Inc. announced Monday it will merge with Reston-based special purpose acquisition company NavSight Holdings Inc. to become a public company.

Financial terms of the transaction were not disclosed, but it values the combined company at $1.6 billion and is expected to produce $475 million in gross proceeds. 

Spire collects space-based data, which it provides through a subscription model to weather, aviation, maritime and government customers.

“Today, our proprietary data and solutions help customers solve some of earth’s greatest challenges, including net zero and climate change adaptation,” Spire founder and CEO Peter Platzer said in a statement. “It has been immensely inspiring to see customers from all over the world turn to Spire’s solutions to help them make decisions about their business with confidence and speed and we are excited about the continued growth ahead.”

The transaction is expected to close in summer 2021. Tiger Global Management, BlackRock Advisors, Hedosophia, Jaws Estates Capital and Bloom Tree Partners are providing a combined $230 million to the transaction.

 

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Tysons analytics firm Qomplx plans to go public

Tysons-based risk analytics firm Qomplx Inc. announced Monday its plan to go public through a merger agreement with Tailwind Acquisition Corp., a special purpose acquisition company backed by Philip Krim, co-founder and CEO of online mattress retailer Casper Sleep Inc. 

The deal values Qomplx, which will be listed on the New York Stock Exchange under the ticker symbol QPLX, at $1.4 billion, or $10 per share. Since its $78.6 million financing round from Cannae Holdings Inc. in 2019, Qomplx has seen steady growth. The company, which provides risk analytics services through a cloud platform that uses artificial intelligence, expects its 2021 pro forma revenue to be $141 million. It reported $96 million in 2020 revenue. 

“Reaching public markets via our partnership with Tailwind expedites Qomplx’s ability to reach more customers globally and supports our continued development of the core technology platform for mission-critical customer applications,” Qomplx co-founder and CEO Jason Crabtree said in a statement.

The merger is expected to be complete in mid-2021.

As part of the transaction, Qomplx will also acquire two cyber intelligence companies: Columbia, Maryland-based Sentar and Tyche, a European company. Financial details of the transactions were not released, but the acquisitions will add more software capabilities to Qomplx’s current offerings.

“Qomplx is differentiated in its ability to link specific data, security controls, and simulations to financial risk,” said Krim, who is also chairman of blank-check company Tailwind, in a statement. In September 2020, Tailwind announced its own $300 million initial public offering. Casper is also a public company, selling sleep products online and at retail locations.

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