Veritas Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Veritas Capital has acquired 5 companies.

Veritas Capital’s most common sectors for investment areinformation technology (22%) and business services (16%) . The Firm’s most common investment types include divestiture (47%) and buyout (lbo, mbo, mbi) (22%). In total, Veritas Capital has invested in 15 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2018 when it acquired athenahealth for $5.7B.

In the last 3 years, Veritas Capital has exited 6 companies. The Firm’s most common exit type is trade sale (59%). 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 Activity56
    • M&A Buy Activity32
    • M&A Sell Activity24
  • Total Sectors Invested 13
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 36
  • M&A Advisors 6

Veritas Capital

9 W 57th St,
New York, New York 10019
United States
(212) 415-6700
www.veritascapital.com
info@veritascapital.com

Veritas Capital is a private equity investment firm that targets investments in defense, aerospace, government services, media/telecommunications, consumer products, and specialty manufacturing companies. Veritas generally partners with management when pursuing investments. Prospective transaction situations include buyouts, growth capital investments, and leveraged recapitalizations. Veritas Capital was established in 1992 and is based in New York City.


Investment Criteria

Sectors of Interest: Aerospace, Business Services, Communications, Consumer Products, Defense, Electrical Equipment, Information Technology, Manufacturing, Media, Test/Measurement Equipment

Target Transaction Types: Buyout (LBO, MBO, MBI), Growth Capital, Recapitalization

Geographic Preferences: East US, Midwest US, South US, West US

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

M&A Summary

Buy vs Sell

Year ≤ '17 '18 '19 '20 '21 '22 T
Buy (2.0/yr) # 22 5 - 3 2 - 32
vol $10.3B $8.7B $5.0B $2.8B $26.8B
Sell (1.6/yr) # 16 2 2 - 4 - 24
vol $8.9B $20.1B $29.0B
  56

Most Recent M&A

Company Date Value Type
SolAero Technologies Corp. 2021-12-13 80M USD Add-on Acquisition
Albuquerque, New Mexico · www.solaerotech.com
Finalsite 2021-12-01 - Secondary Buyout
Glastonbury, Connecticut · www.finalsite.com
athenahealth, Inc. 2021-11-22 17.0B USD Secondary Buyout
Watertown, Massachusetts · www.athenahealth.com
Alion Science and Technology Corp. 2021-07-06 1.7B USD Add-on Acquisition
McLean, Virginia · www.alionscience.com
Abaco Systems, Inc. 2021-03-22 1.4B USD Add-on Acquisition
Huntsville, Alabama · www.abaco.com
Cubic Corp. 2021-02-08 2.8B USD Going Private
San Diego, California · www.cubic.com
Gainwell Technologies 2020-03-10 5.0B USD Divestiture
Tysons Corner, Virginia · www.gainwelltechnologies.com
Anthology, Inc. 2020-01-16 - Secondary Buyout
Boca Raton, Florida · www.anthology.com
Edcentric Holdings LLC 2020-01-16 - Secondary Buyout
Overland Park, Kansas · www.edcentric.io
Virence Health Technologies 2019-07-01 - Merger
Westborough, Massachusetts · www.virencehealth.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 3
Boca Raton, Florida · www.anthology.com Reston, Virginia · www.blackboard.com
Guidehouse LLP 2018-02-14 Dovel Technologies 2021-09-08 2
Washington, District of Columbia · www.guidehouse.com McLean, Virginia · www.doveltech.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
Edcentric Holdings LLC 2020-01-16 Campus Labs LLC 2020-07-07 1
Overland Park, Kansas · www.edcentric.io Buffalo, New York · www.campuslabs.com
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

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 2 (18%) 5.8B (53%) 7 (22%) 8.3B (31%)
Business Services 2 (18%) 755M (7%) 5 (16%) 1.4B (5%)
Communications 2 (18%) 690M (6%) 4 (13%) 690M (3%)
Internet Software and Services 2 (18%) - 3 (9%) 5.7B (21%)
Defense 1 (9%) 2.8B (26%) 2 (6%) 2.8B (10%)
Test/Measurement Equipment - - 2 (6%) 1.6B (6%)
Software 1 (9%) - 2 (6%) 1.1B (4%)
Technology Hardware - - 2 (6%) 500M (2%)
Aerospace - - 1 (3%) 2.1B (8%)
Information Services - - 1 (3%) 1.3B (5%)
Education 1 (9%) 900M (8%) 1 (3%) 900M (3%)
Electrical Equipment - - 1 (3%) 381M (1%)
Renewable Energy - - 1 (3%) 150M (1%)
Total 11 $11.0B 32 $26.8B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 11 (100%) 11.0B (100%) 31 (97%) 24.7B (92%)
  Virginia 2 (18%) 5.7B (52%) 8 (25%) 7.4B (28%)
  Massachusetts 1 (9%) 820M (7%) 4 (13%) 8.1B (30%)
  Florida 2 (18%) - 3 (9%) -
  Texas 2 (18%) 1.7B (15%) 2 (6%) 1.7B (6%)
  California 1 (9%) 2.8B (26%) 2 (6%) 3.3B (12%)
  New York - - 2 (6%) 1.5B (6%)
  Alabama - - 2 (6%) -
  Kansas 1 (9%) - 1 (3%) -
  District of Columbia 1 (9%) - 1 (3%) -
  Connecticut 1 (9%) - 1 (3%) -
  Michigan - - 1 (3%) 1.3B (5%)
  Wisconsin - - 1 (3%) 1.1B (4%)
  Arizona - - 1 (3%) 310M (1%)
  New Mexico - - 1 (3%) 150M (1%)
  Colorado - - 1 (3%) -
Canada - - 1 (3%) 2.1B (8%)
  Ontario - - 1 (3%) 2.1B (8%)
Domestic 11 (100%) 11.0B (100%) 31 (97%) 24.7B (92%)
Cross-border - - 1 (3%) 2.1B (8%)
Total 11 $11.0B 32 $26.8B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Divestiture 5 (45%) 7.3B (66%) 15 (47%) 13.7B (53%)
Buyout (LBO, MBO, MBI) - - 7 (22%) 1.1B (4%)
Secondary Buyout 4 (36%) - 6 (19%) 1.1B (4%)
Going Private 2 (18%) 3.7B (34%) 4 (13%) 9.8B (38%)
Total 11 $11.0B 32 $25.7B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 12 (50%) 10.5B (36%)
Secondary Sale 7 (29%) 18.5B (64%)
Merger 2 (8%) -
Trade Sale 2 (8%) -
IPO 1 (4%) -
Total 24 $29.0B

Top M&A Advisors

Financial Deals
Goldman Sachs Investment Banking Division
 4
William Blair & Co. LLC
 2
Evercore Group LLC
 1
Legal Deals
Schulte Roth & Zabel LLP
 7
Skadden, Arps, Slate, Meagher & Flom LLP
 2
Milbank, Tweed, Hadley & McCloy LLP
 1

Deal Values

buy # Total
> $1B 8 $20.1B
$100M to $1B 12 $6.7B
TOTAL $26.8B
Largest athenahealth, Inc.
$5.7B (2018-11-12)
sell # Total
> $1B 6 $25.6B
$100M to $1B 6 $3.3B
< $100M 1 $80M
TOTAL $29.0B
Largest athenahealth, Inc.
$17.0B (2021-11-22)

M&A Connections

Deals
Acquired from
Investor(s)
16%
5 (16%)
Strategic(s)
47%
15 (47%)
Exited to
Investor(s)
29%
7 (29%)
Strategic(s)
67%
16 (67%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

5.8B USD

Established

1992

Specialist/Generalist

Generalist

Leadership

Ramzi Musallam

CEO & Managing Partner

Hugh Evans

Managing Partner

Jason Donner

CFO

Aneal Krishnan

Partner

Ashish Chandarana

Partner

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