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Booz Allen Hamilton has entered into an agreement to acquire the Laurel, MD-based digital services firm eGov Holdings, Inc. (d/b/a Aquilent), an architect of .gov solutions for the Federal government, for whom it deploys digital, agile, DevOps, and cloud capabilities.
Booz Allen has agreed to pay a purchase price of $250 million in connection with the transaction, subject to customary purchase price adjustments and customary escrows.
The transaction will bolster Booz Allen’s growing technology capabilities and talent base, particularly its emphasis on building citizen-focused digital services. Aquilent will be the Laurel, MD hub of Booz Allen’s Digital business. Upon closing of the transaction, eGov Holdings, Inc. will be a wholly-owned subsidiary of Booz Allen Hamilton Inc. The transaction is expected to close by December 31, 2016, and is subject to customary closing conditions.
Aquilent employs approximately 350 professionals who currently provide digital and cloud services for the U.S. Department of Health and Human Services, U.S. Postal Service (USPS), U.S. General Services Administration (GSA), and other federal clients. Aquilent has grown rapidly, with revenues growing at a 28% compounded annual growth rate over the last five years. For the remainder of Booz Allen’s fiscal year 2017, the transaction is expected to add approximately $30 million to $35 million of revenue. It is expected to be accretive to Booz Allen earnings and to add to operating margin in fiscal year 2018.
The acquisition will further expand Booz Allen’s ability to blend its consulting heritage with advanced technical expertise to deliver to clients cloud, mobile and modular technology services using advanced methodologies such as Agile, DevOps and open source.
“This acquisition further advances our long-term growth strategy,” said Horacio Rozanski, President and Chief Executive Officer of Booz Allen. “We are driving sustainable quality growth through client solutions that blend technical capabilities and talent with our consulting heritage. This exciting addition to Booz Allen will bolster our capacity to provide digital transformation to clients.”
“Aquilent builds on Booz Allen’s existing digital capabilities, bringing greater expertise to deliver the digital services that citizens expect the Federal government to provide in a modern, 24/7 environment,” said Greg Wenzel, Executive Vice President for Booz Allen’s digital business. “This acquisition expands our network of digital solutions offerings with a team of technologists and a modern facility where we can advance cutting-edge solutions for our clients and take advantage of growth opportunities in the market for large digital projects.”
Aquilent Chief Executive Officer David Fout said, “Joining a firm like Booz Allen, which aligns so closely with our expertise, offers the chance to expand into new areas of digital work, expands capabilities for our clients through the breadth of their relationships, and is a great opportunity for the people of Aquilent. We look forward to working together to support existing and future clients.”