Technology-focused private equity firm Welsh, Carson, Anderson & Stowe announced it has made a strategic investment in GovernmentCIO, a provider of high-end technology and digital solutions to the federal health IT services market.
WCAS’ investment in GovCIO will support continued organic growth in its existing customer footprint and expansion into new customers.
“Our partnership with WCAS allows us to invest in our technical capabilities and customer relationships to further differentiate our value proposition in the market and take GovCIO to the next level of growth and scale,” said GovCIO founder Brian Moran.
GovCIO provides advanced technology solutions and digital services to the federal government including the departments of Veterans Affairs and Health and Human Services. In April, GovCIO was recognized by Inc. 5000 as one of the fastest-growing companies in the government services industry.
GovCIO was founded in 2010 by Moran, a veteran of the U.S. Navy, who will remain with the company as a senior executive and retain a significant minority interest.
Joining the GovCIO platform and partnering with WCAS are Jim Brabston, a former senior executive with Stanley Inc. and Camber Corp., who will be CEO; and Joe Cormier, a former senior executive with Camber Corp., Sotera Defense and ManTech, who will be executive vice president and chief financial officer.
DC Advisory served as financial adviser to WCAS and Kirkland & Ellis served as legal adviser. Houlihan Lokey served as financial adviser to GovCIO and Covington served as legal adviser.