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 internet software and services (10%) . The Firm’s most common investment types include divestiture (45%) and secondary buyout (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.

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, Education, Electrical Equipment, Information Technology, Manufacturing, Media, Software, 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 ≤ '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

Most Recent M&A

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 >>

Portfolio M&A

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

M&A by Sector

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

Acquisitions By Geo

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

Acquisitions by Deal Type

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

Exits by Deal Type

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

Top M&A Advisors

Financial Deals
Goldman Sachs
5
William Blair
2
Lincoln International
1
Legal Deals
Schulte Roth & Zabel LLP
7
Milbank LLP
3
Gibson, Dunn & Crutcher
3

Deal Values

buy # Total
> $1B 10 $30.0B
$100M to $1B 12 $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)

M&A Connections

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%)

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.

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