Dovel Technologies announced a capital investment and partnership with Macquarie Capital to advance innovative development and expand its reach in certain federal, health IT, analytics and life sciences markets.
Joining forces with Macquarie Capital, a principal investment arm of Macquarie Group, will allow Dovel to grow in areas of biomedical informatics, scientific research and development, advanced analytics and artificial intelligence, and full lifecycle grants management.
Dovel hopes to continue organic and acquisitive growth with the partnership. Between 2011 and 2017, Dovel grew 60% annually, expanding to a mid-tier business with an annual revenue of more than $200 million in 2018.
With the investment backing, Dovel hopes to pursue long-term growth strategy, explore potential acquisitions and create new solutions, services and capabilities, according to Dovel CEO Paul Leslie.
“Dovel has a long, proven history of integrating emerging technologies with domain expertise, mission requirements, and customer needs to produce lasting and highly innovative solutions to customers,” Leslie said. “We look forward to expanding these solutions across government and broadening our brand recognition.”
Leslie, Dovel President Damon Griggs and founders Dov and Elma Levy recognized the need in 2018 to partner with an investor in order to grow and reach future business goals. They found a cultural, long-term fit with Macquarie.
“We quickly recognized senior leadership’s strategic vision, the company’s focused market expansion, and significant growth potential,” said Larry Handen, senior managing director and head of principal investments Americas, Europe and Asia at Macquarie Capital.
Plus, Dovel’s focus on health and life sciences and its customer relationships were an attractive investment opportunity, Handen added.
Investment bank KippsDeSanto & Co., which has worked with Dovel in the past, is excited for the company’s opportunity.
“Having sold Dovel both of its two strategic acquisitions, MSC and RN Solutions, KippsDeSanto has seen first-hand the quality of Dovel, its team and their strategy,” said Managing Director Bob Kipps. “Congratulations to Macquarie for landing Dovel as its first GovCon services platform!”