Veritas to acquire McLean tech company

Veritas Capital plans to acquire McLean technology consulting company Steampunk through an affiliate, the private equity firm announced Tuesday.

Once the acquisition is complete, Veritas plans to merge Steampunk with its existing portfolio company MetroStar Systems, a Reston-based software development company that provides products and services for U.S. government agencies. MetroStar focuses on artificial intelligence, digital transformation and secure enterprise modernization.

The deal is expected to close in the third quarter of the year. Financial terms were not disclosed, and none of the companies involved immediately returned requests for comment.

In a statement, Veritas Managing Partner Hugh Evans said the combination of MetroStar and Steampunk will create “a powerful force multiplier for delivering mission-critical solutions at scale.

“Together, the companies will provide agency partners with AI-enabled solutions to move with agility, meet mission demands faster and harness cutting-edge technology that drives mission impact,” he said. “This is a combination that will set a new standard for what our nation’s warfighters, intelligence professionals, federal civilians and homeland security leaders should expect from an industry partner.”

Veritas said the merger will combine MetroStar’s AI and digital transformation capabilities with Steampunk’s user-centered technology approach.

“MetroStar has built something rare: real technical strength paired with a culture that actually backs it up,” Steampunk CEO Matt Warren said in a statement. “With our shared action-oriented mentality, drive to achieve transformative outcomes, and track record of putting people, employees, clients, and the communities they serve at the heart of our businesses, combining forces will mean more capability for our clients and more opportunity for our people.”

MetroStar, founded in 1999, employs more than 500 people, according to the company’s website. Steampunk traces its roots to SE Solutions, which was founded in 2003 and rebranded as Steampunk in 2019. The company has not publicly disclosed its workforce size, though third-party estimates place it at roughly 700 employees.

It was not immediately clear what would happen to Steampunk’s leadership or locations after the merger, or what the combined company would be named.

Founded in 1992, New York-based Veritas Capital has more than $54 billion in assets under management and focuses on technology companies serving government and commercial customers.