Two IT firms serving federal government customers merge
Fairfax-based Salient Federal Solutions Inc. and Reston-based CRGT Inc. have agreed to merge, forming the IT company Salient CRGT.
The combined company, which will serve federal government customers, will have more than 1,700 employees and is expected to generate approximately $375 million in annual revenue.
Terms of the transaction, which is expected to close early in the fourth quarter, were not disclosed.
Involved in the merger are two private-equity firms, New York-based Bridge Growth Partners LLC and Chicago-based Frontenac Co., both of which have extensive experience in the federal services sector.
Brad Antle, president and CEO of Salient Federal Solutions, will serve as CEO of Salient CRGT. Tom Ferrando, president and CEO of CRGT, will serve as president. Kevin Parker, from Bridge Growth Partners, will serve as chairman of the board of directors.