Private equity firm NewSpring’s main investment strategy, NewSpring Holdings, has acquired Bridge Core, a provider of visual intelligence, cybersecurity and technical solutions for the U.S. government intelligence community.
NewSpring said Bridge Core will apply the proceeds from this deal to enforce a disciplined M&A and aggressive organic growth strategy. This will help Bridge Core evolve into a comprehensive, technology-enabled intelligence company.
Alongside this transaction, Chad Kim has been named Bridge Core CEO. Founders Tyler Laverick and Andy Rackovan will remain with Bridge Core in key leadership roles.
“In the creation of a full-spectrum intelligence company, we’re proud to begin our journey with Bridge Core, a company whose values and culture are closely aligned with my own and the team at NewSpring,” Kim said.
Bridge Core uses a tech-to-mission concept, agility and speed in delivering services that drive value for its intelligence agency clients, NewSpring said.
“Our partnership with Bridge Core, a true market leader, aligns with our core vision to innovate within the national security space, where there is significant growth potential,” said NewSpring General Partner Lee Garber. “Combined with Chad’s leadership and extensive experience delivering mission outcomes with technology in the intelligence community, we’re excited for the future of this business.”
The NewSpring Holdings team has completed over 40 acquisitions and built a government services platform, Avantus Federal, which recently sold for $590 million.
“In 2015, Andy and I set out to build a company focused on empowering and fostering a transparent culture, giving everyone a seat at the table to define our success,” Laverick said. “Eight years later, we realized it was time to join forces with a team that embodied what we built at Bridge Core and have found the perfect partner in NewSpring to help scale this business and further raise our impact on critical intelligence missions.”