Unlimited Technology, backed by private equity firm Lee Equity Partners, has acquired Integrated Security Technologies -- a government security integrator. Financial terms of the deal were not disclosed.
This is technology M&A deal number 235 that MSSP Alert and sister site ChannelE2E have covered so far in 2022.
Combined Businesses Offer Physical, Managed and Cybersecurity Services
Together, Unlimited Technology and IST have expertise that extends from physical building security to managed and cybersecurity Services.
- About the buyer: Unlimited Technology, based in Chester Springs, Pennsylvania, offers physical security, network security, cybersecurity, managed services, and compliance solutions -- particularly in the critical infrastructure sector. The company completed over 1,400 systems integration projects in 2020 for clients in the critical infrastructure, transportation, commercial real estate, financial, municipal, and education end-markets, Unlimited Technology indicated.
- About the seller: IST of Herndon, Virginia, has roughly 75 employees listed on LinkedIn. The company provides integrated and logical access control, video surveillance, intrusion detection and safety incident and compliance tracking.
IST’s management team -- including CEO Alexander Oppenhimer, COO Michael Margolis, Chief Strategy Officer Michael Ruddo, and President Jon Langhorst -- continue to lead IST and will retain "meaningful equity ownership" in the business.
Unlimited Technology Acquires IST: Executive Perspectives
In a prepared statement about the deal, Unlimited Technology CEO John Palumbo said:
"This partnership expands our leadership position in the Eastern Seaboard and adds expertise serving the highly regulated Federal Government sector. We are excited to partner with IST’s team of highly trained, seasoned security experts who have successfully managed hundreds of complex, large-scale integrated security and IT projects throughout the United States."
IST CEO Alexander Oppenhimer added:
"Since our founding in 1997, IST has grown to become the largest independent systems integrator in the Washington, D.C. region. We evaluated many strategic options for the future of IST and are pleased to have selected Unlimited Technology as the best partner to advance our shared vision. We look forward to partnering with John and the entire Unlimited Technology team to expand our combined client bases, geographic footprint, and service offerings."
Concluded Ryan Fossella, principal at Lee Equity:
"Unlimited and IST share a strong commitment to providing the highest quality of technology solutions and outstanding customer service, as evidenced by their long-term customer relationships, making the partnership a natural fit."
About Lee Equity Partners: Target Private Equity Investments
Lee Equity Partners, based in New York, has owned Unlimited Technology since December 2021. The private equity firm. typically invests $50 million to $150 million in middle-market buyouts. Target businesses typically have enterprise values of $100 million to $500 million.