Interactive Technology Solutions, which is backed by Snow Phipps Group, said Monday that it has acquired the outstanding stock of Peace Technology Inc. Financial terms were not announced. Laurel, Md.-based Peach provides technical services to design and manage complex applications for federal, state and local governments. ITSolutions, of Silver Spring, Md., is a management and information technology services company. Snow Phipps is a NY PE firm.
Interactive Technology Solutions (ITSolutions) today announced that it completed the acquisition of all of the outstanding stock of Peace Technology, Inc. on Thursday November 11, 2010.
Peace Technology, Inc., founded in 1990 and based in Laurel, MD, specializes in providing professional technical services for the design, development, deployment, management and support of complex applications to federal, state, and local governments as well as private and commercial customers. Through its support of the National Institutes of Health (NIH) and the General Accountability Office (GAO), Peace Technology, Inc. has developed significant expertise in the areas of federal grants management systems and contracts management systems.
ITSolutions, headquartered in Silver Spring, MD, is a privately held management and information technology services company and a recognized leader in the Health IT and Government IT services markets. 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 Peace Technology, Inc. is another step in the continued growth of ITSolutions, accompanying the recent acquisition of the IT services business of NetStar-1 Holdings, LLC.
ITSolutions CEO Stefan Lalos stated that, “The acquisition of Peace Technology, Inc. is a key component of our expansion in providing the health organizations of the federal government with high-level information technology services.”
In commenting on the transaction, Peace Technology, Inc. Owner and President Andrew Chen remarked, “This deal will provide a good home and significant opportunities for our employees, whom I am grateful to for the efforts they have made in building Peace Technology, Inc. Our employees are looking forward to continuing to serve our customers with the added breadth and support of the ITSolutions organization.” The McLean Group, LLC acted as the exclusive M&A advisor to Peace Technology, Inc.
Established in October 2001, Interactive Technology Solutions (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 Peace Technology, Inc.
Peace Technology, Inc. specializes in providing professional technical services for the design, development, deployment, management and support of complex applications to federal government, with particular expertise in grants and contract management systems and software.
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.