Macquarie Capital has made an investment in Herndon, Virginia-based Procentrix Inc, a provider of IT modernization solutions. No financial terms were disclosed.
November 1, 2021
HERNDON, Va. – Procentrix, Inc., a professional and technology services company serving US federal government customers in civilian, homeland security and defense sectors, today announced a capital investment from and partnership with Macquarie Capital, the corporate advisory, capital markets and principal investment arm of Macquarie Group. This investment will be used to bring more capacity and service offerings to address additional customer requests and to diversify its customer base.
Procentrix is a leading provider of IT modernization solutions that help its clients improve and automate mission-critical enterprise-scale IT workloads. Its purpose-built solutions and proprietary frameworks help facilitate the integration of cloud services and enable rapid automation of enterprise-level and cross-agency workflows as well as incorporation of Microsoft solutions, all critical components of agencies’ approach to modernization away from legacy systems. In 2021, it appeared on Inc. magazine’s annual list of the 5000 fastest growing private companies in the US for the fifth time. Procentrix also was named as a Washington Post Top Workplace in 2021 for the sixth year in a row.
“Partnering with Macquarie Capital, a premier principal investor with extensive capabilities will help us continue to drive the growth and success of the company while retaining the agility and entrepreneurial culture that that our employees and customers have grown accustomed to for over 15 years,” said Mike Hughes, President and CEO of Procentrix. “This partnership will help Procentrix significantly expand its capabilities, customer base and enable us to pursue new growth avenues.”
Procentrix is a market leader in “low-code” software development, which requires little to no coding in the building of applications and processes. These platforms are rapidly being adopted across government and related sectors because of their ability to accelerate IT modernization. The low code development technologies market is expected to grow 23% in 2021.1
“Procentrix provides solutions that are important catalysts for government, federal civilian and related agencies, enabling them to work faster, more efficiently and remain strongly connected as technology and data continue to rapidly evolve,” said Jared Doskow, Managing Director at Macquarie Capital Principal Finance, the principal investing arm of Macquarie Capital’s Advisory and Capital Solutions division. “We believe in the company’s vision. The strength of its management team, client offerings and Procentrix’s overall track record of excellence all support its franchise value and made our partnership highly compelling.”
This is the third US federal services investment by Macquarie Capital Principal Finance since 2019.
Procentrix provides expertise in delivering powerful business solutions primarily to federal civilian, defense, and homeland agencies, as well as state and local governments. Based in Herndon, VA, we specialize in modernizing legacy lines of business systems and processes using Low Code / No Code application platforms, Cloud services, and modern Web technologies. Our solution frameworks build upon powerful Microsoft platforms and cloud services to accelerate timely solution deployments, reduce costs, and minimize risk. To learn more, please visit www.procentrix.com.