Veritas Capital

Veritas Capital Fund Management LLC
Founded 1992
Founders Robert B. McKeon
Headquarters 9 W 57th St, New York, NY 10019, New York City, USA
Key people
 Ramzi Musallam
Hugh Evans
Benjamin Polk
Joe Benavides
James Dimitri
Brian Gorczynski [1]
Services Private equity
Banking & Financial Services
Technology or technology-enabled solutions
Total assets $8.8 billion (2017)
Number of employees
 32 (2017)
Website Veritas Capital website

Veritas Capital is a New York-based private-equity firm founded in 1992.[2] that specializes in national security, information technology and other government-sector investments.[3][4][5] The firm’s first fund closed in 1998.[6] With the closing of its sixth fund in 2017, Veritas has approximately $8.8 billion of assets under management.[7] Veritas is led by Ramzi Musallam, the firm’s Chief Executive Officer and Managing Partner.[8]

History

Veritas Capital was founded in 1992 and raised its first fund in 1998.[2][6] Veritas invested exclusively in companies that support the government or government-related commercial customers, specifically in certain sectors, such as aerospace & defense, communications, education, energy, government services, healthcare, national security, and technology.[9] Since 1998, Veritas has raised six funds with a total value of over $7.5 billion dollars.[2] During this time, Veritas originated and managed over 70 acquisitions.[10] Veritas is led by CEO Ramzi Musallam.[8]

Military and defense industry

Veritas made a major play in national security with the acquisition of Raytheon Aerospace in June 2001 and Flight International in December 2002. It merged the two companies to form Vertex Aerospace LLC,[11] and sold Vertex to L3 Technologies in October 2003.[12]

Veritas acquired several units of DynCorp from CSC in 2004 to create DynCorp International LLC.[13] It launched an IPO on the New York Stock Exchange in 2006, offering offered 25 million shares and retaining shareholder control.[14] Veritas sold DynCorp International to Cerberus Capital Management in 2010.

In 2005 it acquired MZM Corporation and changed MZM's name to Athena Innovative Solutions Inc.[11] before selling it to CACI in 2007.[15]

Veritas acquired the Enterprise Integration Group business unit of Lockheed Martin in 2010 and changed its name to the SI Organization. SI acquired PhaseOne Communications in 2012, Applied Communication Sciences in 2013 and QinetiQ North America’s services business in 2014, after which it rebranded itself Vencore.[16]

Integrated information technology solutions

By 2017 Veritas' portfolio included Aeroflex Holding Corp, Athena Innovative Solutions Inc., Continental Electronics Corporation, DynCorp International Inc, Enterprise Electronics Corporation, Global Tel Link, TRAK Communications, McNeil Technologies, Inc and Integrated Defense Technologies.[11]

In 2009 with the acquisition of Reston, Virginia-based telecommunications company Global Tel Link (GTL) (2009)[17] became a major player in the telecommunications industry in correctional facilities.[3][5]

By 2015, GTL controlled 50% of the Inmate Calling Service' $1.2 billion telecommunications industry[18][19] offering "integrated information technology solutions" for correctional facilities[20][21] which includes inmates payment and deposit, facility management, and "visitation solutions".[21]

GTL board members include Hugh D. Evans and Ramzi M. Musallam from Veritas Capital.[22]

Health care data business

In 2012 Veritas acquired its largest investment, with the purchase of Thomson Reuters (now Truven Health Analytics) "health-care data business" for $1.25 billion.[3] In 2016, Veritas sold Truven Health Analytics Inc. to International Business Machines Corp. for $2.6 billion.[23] There were plans to acquire Verisk Analytics Inc.’s health-care services business for $820 million.[23]

References

  1. ↑ Our Team, Veritas Capital, retrieved May 12, 2017
  2. 1 2 3 Company Overview of Veritas Capital, Bloomberg, retrieved May 4, 2017
  3. 1 2 3 David Benoit (September 13, 2012). "Robert McKeon of Veritas Capital Dies". Wall Street Journal. Retrieved February 6, 2017.
  4. ↑ Daniel Edward Rosen and Patrick Clark (September 14, 2012), Veritas Capital Founder Robert B. McKeon Dead in Apparent Suicide, Observer, retrieved February 6, 2017
  5. 1 2 Daniel Bates (September 14, 2012), Why did he do it? Wall Street stunned as one of America's top private equity bosses is found dead after killing himself in his $5 million mansion, The Daily Mail (UK), retrieved February 6, 2017
  6. 1 2 Benjamin Horney (February 15, 2017), Veritas Capital Secures $3.55B For Middle-Market Tech Fund, Law360
  7. ↑ Meaghan Kilroy (February 15, 2017), Veritas Capital closes sixth fund at $3.55 billion, above its target, Pensions&Investments
  8. 1 2 Company Overview of Veritas Capital - Ramzi M. Musallam, Bloomberg, retrieved March 19, 2017
  9. ↑ About, Veritas Capital, retrieved February 6, 2017
  10. ↑ About Veritas, Bloomberg, retrieved March 19, 2017
  11. 1 2 3 Portfolios, Veritas Capital, nd, retrieved February 6, 2017
  12. ↑ "L-3 to Buy Vertex for $650 Million". The New York Times. New York. 23 October 2003. Retrieved 18 February 2017.
  13. ↑ Merle, Renae (14 December 2004). "Computer Sciences Sells DynCorp Units". The Washington Post. Washington, DC. Retrieved 19 February 2017.
  14. ↑ Ogg, Jon (30 April 2006). "IPO Preview: DynCorp (DCP)". Seeking Alpha. Seeking Alpha. Retrieved 19 February 2017.
  15. ↑ Charles R. Babcock (August 17, 2005), Defense Contractor Sold to N.Y. Firm, The Washington Post, retrieved February 6, 2017
  16. ↑ Wakeman, Nick (30 April 2005). "Acquisitions, changes drive new name for SI Org". Washington Technology. 1105 Media. Retrieved 19 February 2017.
  17. ↑ Sale to Veritas Capital and Goldman Sachs in February 2009, The Gores Group, nd, retrieved February 6, 2017, The Gores Group and Global Tel*Link Announce Acquisition of Verizon Business’ Department of Corrections Division November 13, 2006
  18. ↑ Timothy Williams (March 31, 2015), The High Cost of Calling the Imprisoned, The New York Times, retrieved February 5, 2017
  19. ↑ Walsh, Ben (June 10, 2015), "Prisoners Pay Millions To Call Loved Ones Every Year. Now This Company Wants Even More", Huffington Post, retrieved September 29, 2016
  20. ↑ Lee Fang (June 24, 2015). "OPM Contractor’s Parent Firm Has a Troubled History". The Intercept.
  21. 1 2 "Company overview". BusinessWeek. February 5, 2017. Retrieved February 5, 2017.
  22. ↑ "People", Bloomberg LP, Company Overview of Global Tel*Link Corporation, February 6, 2017, retrieved February 6, 2017
  23. 1 2 Anthony Noto (December 20, 2016), "Veritas Capital is raising $3 billion for its new fund", New York Business Journal, retrieved February 6, 2017
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