Veritas Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Veritas Capital has acquired 9 companies. It has also invested in 1 other.

Veritas Capital’s most common sectors for investment areinformation technology (20%) and business services (10%) . The Firm’s most common investment types include divestiture (45%) and buyout (lbo, mbo, mbi) (18%). In total, Veritas Capital has invested in 19 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2023 when it acquired Syneos Health for $7.1B.

In the last 3 years, Veritas Capital has exited 5 companies. The Firm’s most common exit type is trade sale (50%). Veritas Capital’s largest (disclosed) exit occurred in 2021 when it sold athenahealth for $17.0B.

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M&A Summary

M&A Total Activity66
- M&A Buy Activity40
- M&A Sell Activity26
Total Sectors Invested 15
Total Countries Invested 3
M&A Buy/Sell Connections 37
M&A Advisors 13

Veritas Capital

Veritas Capital Fund Management, L.L.C.

Transaction Criteria	Min	Max
Target Revenue	-	-
Target EBITDA	-	-
Investment Size	-	-
Enterprise Value	-	-

Transaction Criteria

Min

Max

Target Revenue

Target EBITDA

Investment Size

Enterprise Value

Year	≤ '19	'20	'21	'22	'23	'24	T
Buy (2.6/yr)	#	27	3	3	5	2	-	40
vol	$19.0B	$5.0B	$2.8B	$2.8B	$7.1B		$36.7B
Sell (1.2/yr)	#	20	1	4	-	1	-	26
vol	$8.9B		$20.1B		$5.3B		$34.3B
	66

Year

≤ '19

'20

'21

'22

'23

'24

Buy (2.6/yr)

vol

$19.0B

$5.0B

$2.8B

$7.1B

$36.7B

Sell (1.2/yr)

vol

$8.9B

$20.1B

$5.3B

$34.3B

Company	Date	Value	Type
Guidehouse LLP	2023-11-06	5.3B USD	Secondary Sale
Washington, District of Columbia · www.guidehouse.com
Syneos Health, Inc.	2023-05-10	7.1B USD	Going Private
Morrisville, North Carolina · www.syneoshealth.com
Wood Mackenzie Ltd.	2023-02-02	-	Divestiture
London, United Kingdom · www.woodmacresearch.com
Frontgrade Technologies	2022-10-13	-	Divestiture
Colorado Springs, Colorado · www.frontgrade.com
Chromalloy Gas Turbine LLC	2022-09-15	-	Secondary Buyout
Palm Beach Gardens, Florida · www.chromalloy.com
Coronis Health LLC	2022-08-04	-	Consolidation
Sykesville, Maryland · www.coronishealth.com
Epiq Solutions	2022-07-26	-	Growth Capital
Rolling Meadows, Illinois · www.epiqsolutions.com
Houghton Mifflin Harcourt Co.	2022-02-22	2.8B USD	Going Private
Boston, Massachusetts · www.hmhco.com
SolAero Technologies Corp.	2021-12-13	80M USD	Trade Sale
Albuquerque, New Mexico · www.solaerotech.com
Active Internet Technologies LLC	2021-12-01	-	Secondary Buyout
Glastonbury, Connecticut · www.finalsite.com
View All >>

Company

Date

Value

Type

Guidehouse LLP

2023-11-06

5.3B USD

Secondary Sale

Washington, District of Columbia · www.guidehouse.com

Syneos Health, Inc.

2023-05-10

7.1B USD

Going Private

Morrisville, North Carolina · www.syneoshealth.com

Wood Mackenzie Ltd.

2023-02-02

Divestiture

London, United Kingdom · www.woodmacresearch.com

Frontgrade Technologies

2022-10-13

Divestiture

Colorado Springs, Colorado · www.frontgrade.com

Chromalloy Gas Turbine LLC

2022-09-15

Secondary Buyout

Palm Beach Gardens, Florida · www.chromalloy.com

Coronis Health LLC

2022-08-04

Consolidation

Sykesville, Maryland · www.coronishealth.com

Epiq Solutions

2022-07-26

Growth Capital

Rolling Meadows, Illinois · www.epiqsolutions.com

Houghton Mifflin Harcourt Co.

2022-02-22

2.8B USD

Going Private

Boston, Massachusetts · www.hmhco.com

SolAero Technologies Corp.

2021-12-13

80M USD

Trade Sale

Albuquerque, New Mexico · www.solaerotech.com

Active Internet Technologies LLC

2021-12-01

Secondary Buyout

Glastonbury, Connecticut · www.finalsite.com

View All >>

Company	Acquired	Add-On/Sale	Date	#
Active Internet Technologies LLC	2021-12-01	Blackboard K-12	2022-09-15	1
Glastonbury, Connecticut · www.finalsite.com	Reston, Virginia · www.blackboardk12.com
Peraton Corp.	2017-04-28	Arcfield	2021-09-30	1
Herndon, Virginia · www.peraton.com	Chantilly, Virginia · www.arcfield.com
Peraton Corp.	2017-04-28	ViON - Cloud Services Business	2021-09-22	5
Herndon, Virginia · www.peraton.com	Herndon, Virginia
Anthology, Inc.	2020-01-16	Blackboard, Inc.	2021-09-13	4
Boca Raton, Florida · www.anthology.com	Reston, Virginia · www.blackboard.com
Peraton Corp.	2017-04-28	Northrop Grumman Corp. - Federal IT & Mission Support Services Business	2020-12-07	4
Herndon, Virginia · www.peraton.com	Falls Church, Virginia
Anthology, Inc.	2020-01-16	Campus Labs LLC	2020-07-07	3
Boca Raton, Florida · www.anthology.com	Buffalo, New York · www.campuslabs.com
Anthology, Inc.	2020-01-16	Edcentric Holdings LLC	2020-07-07	2
Boca Raton, Florida · www.anthology.com	Overland Park, Kansas · www.edcentric.io
Cambium Learning Group, Inc.	2018-10-15	American Institutes for Research - Assessment Division	2019-08-22	2
Dallas, Texas · www.cambiumlearning.com	Washington, District of Columbia
Cambium Learning Group, Inc.	2018-10-15	VKIDZ Holdings, Inc.	2018-10-15	1
Dallas, Texas · www.cambiumlearning.com	Ft. Lauderdale, Florida · www.Vkidz.com

Company

Acquired

Add-On/Sale

Date

Active Internet Technologies LLC

2021-12-01

Blackboard K-12

2022-09-15

Glastonbury, Connecticut · www.finalsite.com

Reston, Virginia · www.blackboardk12.com

Peraton Corp.

2017-04-28

Arcfield

2021-09-30

Herndon, Virginia · www.peraton.com

Chantilly, Virginia · www.arcfield.com

Peraton Corp.

2017-04-28

ViON - Cloud Services Business

2021-09-22

Herndon, Virginia · www.peraton.com

Herndon, Virginia

Anthology, Inc.

2020-01-16

Blackboard, Inc.

2021-09-13

Boca Raton, Florida · www.anthology.com

Reston, Virginia · www.blackboard.com

Peraton Corp.

2017-04-28

Northrop Grumman Corp. - Federal IT & Mission Support Services Business

2020-12-07

Herndon, Virginia · www.peraton.com

Falls Church, Virginia

Anthology, Inc.

2020-01-16

Campus Labs LLC

2020-07-07

Boca Raton, Florida · www.anthology.com

Buffalo, New York · www.campuslabs.com

Anthology, Inc.

2020-01-16

Edcentric Holdings LLC

2020-07-07

Boca Raton, Florida · www.anthology.com

Overland Park, Kansas · www.edcentric.io

Cambium Learning Group, Inc.

2018-10-15

American Institutes for Research - Assessment Division

2019-08-22

Dallas, Texas · www.cambiumlearning.com

Washington, District of Columbia

Cambium Learning Group, Inc.

2018-10-15

VKIDZ Holdings, Inc.

2018-10-15

Dallas, Texas · www.cambiumlearning.com

Ft. Lauderdale, Florida · www.Vkidz.com

Sector	Current #	Value	All-time #	Value
Information Technology	4 (24%)	5.8B (28%)	8 (20%)	8.0B (22%)
Internet Software and Services	2 (12%)	-	4 (10%)	5.7B (16%)
Business Services	-	-	4 (10%)	600M (2%)
Software	1 (6%)	-	3 (8%)	1.4B (4%)
Communications	1 (6%)	690M (3%)	3 (8%)	690M (2%)
Technology Hardware	1 (6%)	-	3 (8%)	500M (1%)
Education	2 (12%)	3.7B (18%)	2 (5%)	3.7B (10%)
Defense	1 (6%)	2.8B (13%)	2 (5%)	2.8B (8%)
Aerospace	1 (6%)	-	2 (5%)	2.1B (6%)
Test/Measurement Equipment	-	-	2 (5%)	1.6B (4%)
Information Services	1 (6%)	-	2 (5%)	1.3B (3%)
Electrical Equipment	1 (6%)	-	2 (5%)	381M (1%)
Life Science	1 (6%)	7.1B (34%)	1 (3%)	7.1B (19%)
Engineering	1 (6%)	755M (4%)	1 (3%)	755M (2%)
Renewable Energy	-	-	1 (3%)	150M (< 1%)
Total	17	$20.9B	40	$36.7B

Sector

Current #

Value

All-time #

Value

Information Technology

4 (24%)

5.8B (28%)

8 (20%)

8.0B (22%)

Internet Software and Services

2 (12%)

4 (10%)

5.7B (16%)

Business Services

4 (10%)

600M (2%)

Software

1 (6%)

3 (8%)

1.4B (4%)

Communications

1 (6%)

690M (3%)

3 (8%)

690M (2%)

Technology Hardware

1 (6%)

3 (8%)

500M (1%)

Education

2 (12%)

3.7B (18%)

2 (5%)

3.7B (10%)

Defense

1 (6%)

2.8B (13%)

2 (5%)

2.8B (8%)

Aerospace

1 (6%)

2 (5%)

2.1B (6%)

Test/Measurement Equipment

2 (5%)

1.6B (4%)

Information Services

1 (6%)

2 (5%)

1.3B (3%)

Electrical Equipment

1 (6%)

2 (5%)

381M (1%)

Life Science

1 (6%)

7.1B (34%)

1 (3%)

7.1B (19%)

Engineering

1 (6%)

755M (4%)

1 (3%)

755M (2%)

Renewable Energy

1 (3%)

150M (< 1%)

Total

$20.9B

$36.7B

State/Country	Current #	Value	All-time #	Value
United States	16 (94%)	20.9B (100%)	38 (95%)	34.6B (94%)
	Virginia	3 (18%)	5.7B (27%)	10 (25%)	7.4B (20%)
	Massachusetts	1 (6%)	2.8B (13%)	4 (10%)	10.1B (27%)
	Florida	2 (12%)	-	3 (8%)	-
	Texas	2 (12%)	1.7B (8%)	2 (5%)	1.7B (5%)
	California	1 (6%)	2.8B (13%)	2 (5%)	3.3B (9%)
	Georgia	1 (6%)	-	2 (5%)	310M (1%)
	Colorado	1 (6%)	-	2 (5%)	-
	New York	-	-	2 (5%)	1.5B (4%)
	North Carolina	1 (6%)	7.1B (34%)	1 (3%)	7.1B (19%)
	Utah	1 (6%)	820M (4%)	1 (3%)	820M (2%)
	Maryland	1 (6%)	-	1 (3%)	-
	Illinois	1 (6%)	-	1 (3%)	-
	Connecticut	1 (6%)	-	1 (3%)	-
	Michigan	-	-	1 (3%)	1.3B (3%)
	Wisconsin	-	-	1 (3%)	1.1B (3%)
	New Mexico	-	-	1 (3%)	150M (< 1%)
	Kansas	-	-	1 (3%)	-
	District of Columbia	-	-	1 (3%)	-
	Alabama	-	-	1 (3%)	-
United Kingdom	1 (6%)	-	1 (3%)	-
Canada	-	-	1 (3%)	2.1B (6%)
	Ontario	-	-	1 (3%)	2.1B (6%)
Domestic	16 (94%)	20.9B (100%)	38 (95%)	34.6B (94%)
Cross-border	1 (6%)	-	2 (5%)	2.1B (6%)
Total	17	$20.9B	40	$36.7B

State/Country

Current #

Value

All-time #

Value

United States

16 (94%)

20.9B (100%)

38 (95%)

34.6B (94%)

Virginia

3 (18%)

5.7B (27%)

10 (25%)

7.4B (20%)

Massachusetts

1 (6%)

2.8B (13%)

4 (10%)

10.1B (27%)

Florida

2 (12%)

3 (8%)

Texas

2 (12%)

1.7B (8%)

2 (5%)

1.7B (5%)

California

1 (6%)

2.8B (13%)

2 (5%)

3.3B (9%)

Georgia

1 (6%)

2 (5%)

310M (1%)

Colorado

1 (6%)

2 (5%)

New York

2 (5%)

1.5B (4%)

North Carolina

1 (6%)

7.1B (34%)

1 (3%)

7.1B (19%)

Utah

1 (6%)

820M (4%)

1 (3%)

820M (2%)

Maryland

1 (6%)

1 (3%)

Illinois

1 (6%)

1 (3%)

Connecticut

1 (6%)

1 (3%)

Michigan

1 (3%)

1.3B (3%)

Wisconsin

1 (3%)

1.1B (3%)

New Mexico

1 (3%)

150M (< 1%)

Kansas

1 (3%)

District of Columbia

1 (3%)

Alabama

1 (3%)

United Kingdom

1 (6%)

1 (3%)

Canada

1 (3%)

2.1B (6%)

Ontario

1 (3%)

2.1B (6%)

Domestic

16 (94%)

20.9B (100%)

38 (95%)

34.6B (94%)

Cross-border

1 (6%)

2 (5%)

2.1B (6%)

Total

$20.9B

$36.7B

Type	Current #	Value	All-time #	Value
Divestiture	7 (41%)	7.3B (40%)	18 (45%)	13.7B (42%)
Buyout (LBO, MBO, MBI)	-	-	7 (18%)	1.1B (3%)
Secondary Buyout	4 (24%)	-	7 (18%)	1.1B (3%)
Going Private	4 (24%)	10.8B (60%)	6 (15%)	16.9B (51%)
Consolidation	1 (6%)	-	1 (3%)	-
Growth Capital	1 (6%)	-	1 (3%)	-
Total	17	$18.1B	40	$32.8B

Type

Current #

Value

All-time #

Value

Divestiture

7 (41%)

7.3B (40%)

18 (45%)

13.7B (42%)

Buyout (LBO, MBO, MBI)

7 (18%)

1.1B (3%)

Secondary Buyout

4 (24%)

7 (18%)

1.1B (3%)

Going Private

4 (24%)

10.8B (60%)

6 (15%)

16.9B (51%)

Consolidation

1 (6%)

1 (3%)

Growth Capital

1 (6%)

1 (3%)

Total

$18.1B

$32.8B

Type	Total #	Value
Trade Sale - Public Company	12 (46%)	10.5B (31%)
Secondary Sale	9 (35%)	23.8B (69%)
Merger	3 (12%)	-
IPO	1 (4%)	-
Trade Sale	1 (4%)	-
Total	26	$34.3B

Type

Total #

Value

Trade Sale - Public Company

12 (46%)

10.5B (31%)

Secondary Sale

9 (35%)

23.8B (69%)

Merger

3 (12%)

IPO

1 (4%)

Trade Sale

1 (4%)

Total

$34.3B

Financial	Deals
Goldman Sachs	5
William Blair	2
Evercore Group	1

Financial

Deals

Goldman Sachs

William Blair

Evercore Group

Legal	Deals
Schulte Roth & Zabel LLP	7
Milbank LLP	3
Gibson, Dunn & Crutcher	3

Legal

Deals

Schulte Roth & Zabel LLP

Milbank LLP

Gibson, Dunn & Crutcher

buy	#	Total
> $1B	10	$30.0B
$100M to $1B	12	$6.7B
TOTAL	$36.7B
Largest	Syneos Health, Inc. $7.1B (2023-05-10)

buy

Total

> $1B

$30.0B

$100M to $1B

$6.7B

TOTAL

$36.7B

Largest

Syneos Health, Inc.
$7.1B (2023-05-10)

sell	#	Total
> $1B	7	$30.9B
$100M to $1B	6	$3.3B
< $100M	1	$80M
TOTAL	$34.3B
Largest	athenahealth, Inc. $17.0B (2021-11-22)

sell

Total

> $1B

$30.9B

$100M to $1B

$3.3B

< $100M

$80M

TOTAL

$34.3B

Largest

athenahealth, Inc.
$17.0B (2021-11-22)

		Deals
Acquired from
Investor(s)	18%	7 (18%)
Strategic(s)	45%	18 (45%)
Exited to
Investor(s)	35%	9 (35%)
Strategic(s)	62%	16 (62%)

Deals

Acquired from

Investor(s)

7 (18%)

Strategic(s)

18 (45%)

Exited to

Investor(s)

9 (35%)

Strategic(s)

16 (62%)

FAQ

When was Veritas Capital founded?

Veritas Capital was founded in 1992.

What type of investor is Veritas Capital?

Veritas Capital is a private equity firm.

Where is Veritas Capital headquartered?

Veritas Capital is headquartered in New York, New York.

How much capital does Veritas Capital have under management?

Veritas Capital has 40.0B USD under management.

Veritas Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

M&A Summary

Veritas Capital

Veritas Capital Fund Management, L.L.C.

Investment Criteria

M&A Summary

Buy vs Sell

Most Recent M&A

Portfolio M&A

M&A by Sector

Acquisitions By Geo

Acquisitions by Deal Type

Exits by Deal Type

Top M&A Advisors

Deal Values

M&A Connections

Investor Summary

Investor Type

Size

PE Assets

Established

Specialist/Generalist

Leadership

Ramzi Musallam

Hugh Evans

Jason Donner

Aneal Krishnan

Ashish Chandarana

FAQ

When was Veritas Capital founded?

What type of investor is Veritas Capital?

Where is Veritas Capital headquartered?

How much capital does Veritas Capital have under management?

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