Cybersecurity is a priority not only for companies, but also for governments around the globe. In the United States, it is of significant importance: Two years ago, the U.S. was the country most severely impacted by financial damage associated with cybercrime. It was estimated that the U.S. government faced costs of over $13.7 billion due to cyberattacks.
As a result, the U.S. is expected to spend $18.78 billion on cybersecurity resources in 2021. It’s no surprise that investment firms are starting to seek companies that supply cybersecurity services to government agencies. IMB Partners, for one, is expanding its presence in the government IT services sector. Founded in 2010, the firm is a private equity independent sponsor focused on acquisitions and partnerships with management teams to grow lower middle-market companies that serve government agencies and electric and gas utilities. Through the years, IMB has invested over $1 billion in over 50 platform investments and add-on acquisitions.
In 2014, the company acquired e&e, a provider of quality IT services to government and corporate clients across Pennsylvania and Florida. And earlier this month, IMB revealed that it has purchased long-time partner Ashburn Consulting, a leading Northern Virginia-based information technology consulting firm that specializes in providing network engineering and cybersecurity solutions to federal, state, and local governments and commercial clients.
Founded in 2002, Washington, D.C.-based Ashburn provides vendor agnostic engineering and IT architecture solutions focusing on infrastructure design, development, implementation, and on-going support. The company's capabilities address the full lifecycle of network and security engineering support needs.
"The private equity markets have shifted since COVID-19, but we remain very active given the resiliency of electric and gas utility services and government contracting, IMB's focus sectors. We are excited about our partnerships with e&e and Ashburn and look forward to collaborating with their management teams to support their growth and continued focus on providing best-in-class client service,” CEO of IMB Partners, Tarrus Richardson, said in a statement.
In addition, IMB has invested in Alder Foods, a woman-owned $56 million food supplier to military markets around the globe.