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ITSolutions Acquires IT Services Business from NetStar-1
SILVER SPRING, Md., Oct. 26 /PRNewswire/ -- Interactive Technology Solutions (ITSolutions), headquartered in Silver Spring, MD, today announced that it has completed the acquisition of the Information Technology (IT) services business from NetStar-1 Holdings, LLC, headquartered in Rockville, MD. ITSolutions will gain approximately 340 employees supporting the Military Health System, Department of the Army, Department of Labor, and the Federal Aviation Administration as well as other federal government and commercial clients.
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ITSolutions is a leading IT services provider to U.S. government civilian, national security, and intelligence agencies. Snow Phipps Group LLC, a New York-based private equity firm, acquired a majority share of ITSolutions in June 2009 as part of a strategy to invest in a platform company in the government services space. The acquisition of the IT Services and Commercial IT divisions from NetStar-1 is an important step in the continued growth of ITSolutions with Snow Phipps' backing.
"ITSolutions has tremendous synergy with the businesses that we have acquired from NetStar-1 and we are excited to combine the talent and experience of the business units," said Stefan Lalos, President and Chief Executive Officer, of ITSolutions. "With this acquisition, our customers will benefit from a broader range and depth of technical expertise to help them manage today's key issues. ITSolutions has pursued an aggressive organic and investment growth strategy over the last few years. We remain committed to providing the strengths of a large company with the agility we have always been known for."
"This acquisition of segments of NetStar-1 represents a significant expansion for ITSolutions," said Sean Epps, investment partner with Snow Phipps. Leif Soderberg, Snow Phipps Operating Partner and Non-Executive Chairman of the Board of ITSolutions added, "These new businesses fit well with our current platform, bringing a complimentary position in key parts of our government healthcare space, while strengthening our position in areas such as DoD."
NetStar1 announced this transaction as part of its desire to focus the company in the management consulting space. "We appreciate the efforts of the employees that have built the IT Services business," said Bill Strang, President and CEO of NetStar-1, "and we wish them great success as they grow with ITSolutions."
About Interactive Technology Solutions, LLC (ITSolutions)
ITSolutions is a privately held management and information technology consulting company and a recognized leader in the Health IT and Government IT services markets. The company provides lifecycle services solutions to Federal agencies, State and local governments, and commercial clients in the areas of strategic planning, project management, infrastructure operations, and network engineering and architecture services.
About NetStar-1
NetStar-1 is a leading provider of management consulting services to U.S. federal government clients. NetStar-1's expertise spans multiple areas of consulting including program management, financial management, business transformation and portfolio management.
About Snow Phipps Group, LLC
Snow Phipps is a New York-based private equity firm founded by Ian Snow and Ogden Phipps that seeks to acquire middle market businesses in attractive industries by leveraging the expertise of exclusive Operating Partners who are seasoned industry executives.
SOURCE ITSolutions, LLC
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ITSolutions, LLC
CONTACT: Mark Hurkamp of ITSolutions, LLC, +1-301-495-5545 x116, mark.hurkamp@itsolutions-llc.com
Web Site: http://www.itsolutions-llc.com
ITSolutions Acquires IT Services Business from NetStar-1
SILVER SPRING, Md., Oct. 26 /PRNewswire/ -- Interactive Technology Solutions (ITSolutions), headquartered in Silver Spring, MD, today announced that it has completed the acquisition of the Information Technology (IT) services business from NetStar-1 Holdings, LLC, headquartered in Rockville, MD. ITSolutions will gain approximately 340 employees supporting the Military Health System, Department of the Army, Department of Labor, and the Federal Aviation Administration as well as other federal government and commercial clients.
(Logo: http://photos.prnewswire.com/prnh/20101026/DC89274LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20101026/DC89274LOGO)
(Logo: http://photos.prnewswire.com/prnh/20090707/DC42543LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20090707/DC42543LOGO)
ITSolutions is a leading IT services provider to U.S. government civilian, national security, and intelligence agencies. Snow Phipps Group LLC, a New York-based private equity firm, acquired a majority share of ITSolutions in June 2009 as part of a strategy to invest in a platform company in the government services space. The acquisition of the IT Services and Commercial IT divisions from NetStar-1 is an important step in the continued growth of ITSolutions with Snow Phipps' backing.
"ITSolutions has tremendous synergy with the businesses that we have acquired from NetStar-1 and we are excited to combine the talent and experience of the business units," said Stefan Lalos, President and Chief Executive Officer, of ITSolutions. "With this acquisition, our customers will benefit from a broader range and depth of technical expertise to help them manage today's key issues. ITSolutions has pursued an aggressive organic and investment growth strategy over the last few years. We remain committed to providing the strengths of a large company with the agility we have always been known for."
"This acquisition of segments of NetStar-1 represents a significant expansion for ITSolutions," said Sean Epps, investment partner with Snow Phipps. Leif Soderberg, Snow Phipps Operating Partner and Non-Executive Chairman of the Board of ITSolutions added, "These new businesses fit well with our current platform, bringing a complimentary position in key parts of our government healthcare space, while strengthening our position in areas such as DoD."
NetStar1 announced this transaction as part of its desire to focus the company in the management consulting space. "We appreciate the efforts of the employees that have built the IT Services business," said Bill Strang, President and CEO of NetStar-1, "and we wish them great success as they grow with ITSolutions."
About Interactive Technology Solutions, LLC (ITSolutions)
ITSolutions is a privately held management and information technology consulting company and a recognized leader in the Health IT and Government IT services markets. The company provides lifecycle services solutions to Federal agencies, State and local governments, and commercial clients in the areas of strategic planning, project management, infrastructure operations, and network engineering and architecture services.
About NetStar-1
NetStar-1 is a leading provider of management consulting services to U.S. federal government clients. NetStar-1's expertise spans multiple areas of consulting including program management, financial management, business transformation and portfolio management.
About Snow Phipps Group, LLC
Snow Phipps is a New York-based private equity firm founded by Ian Snow and Ogden Phipps that seeks to acquire middle market businesses in attractive industries by leveraging the expertise of exclusive Operating Partners who are seasoned industry executives.
SOURCE ITSolutions, LLC
Photo:http://photos.prnewswire.com/prnh/20090707/DC42543LOGO)
http://photoarchive.ap.org/
Photo:http://www.newscom.com/cgi-bin/prnh/20090707/DC42543LOGO
http://photoarchive.ap.org/
Photo:http://www.newscom.com/cgi-bin/prnh/20101026/DC89274LOGO
http://photoarchive.ap.org/
Photo:http://photos.prnewswire.com/prnh/20101026/DC89274LOGO
http://photoarchive.ap.org/
ITSolutions, LLC
CONTACT: Mark Hurkamp of ITSolutions, LLC, +1-301-495-5545 x116, mark.hurkamp@itsolutions-llc.com
Web Site: http://www.itsolutions-llc.com