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'''Veritas Capital''' is a New York-based private-equity firm founded in 1992 that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers worldwide.<ref name=Veritas>{{citation |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=23771|title= Company Overview of Veritas Capital |publisher=Bloomberg |accessdate=May 4, 2017}}</ref><ref name="WSJ_McKeon_obit_2012" /><ref name="Observer_McKeon_2012">{{citation |title=Veritas Capital Founder Robert B. McKeon Dead in Apparent Suicide |authors=Daniel Edward Rosen and Patrick Clark |url=http://observer.com/2012/09/263258/ |publisher=Observer|date=September 14, 2012 |accessdate=February 6, 2017}}</ref> The firm’s first fund closed in 1998.<ref name=law>{{citation |url= https://www.law360.com/articles/892327/veritas-capital-secures-3-55b-for-middle-market-tech-fund|title= Veritas Capital Secures $3.55B For Middle-Market Tech Fund |publisher=Law360|date=February 15, 2017|author= Benjamin Horney }}</ref> With the closing of its sixth fund in 2017, Veritas has approximately $8.8 billion of assets under management.<ref>{{citation |url= http://www.pionline.com/article/20170215/ONLINE/170219919/veritas-capital-closes-sixth-fund-at-355-billion-above-its-target|title= Veritas Capital closes sixth fund at $3.55 billion, above its target|publisher=Pensions&Investments|date=February 15, 2017|author= Meaghan Kilroy }}</ref> Veritas is led by Ramzi Musallam, the firm’s Chief Executive Officer and Managing Partner.<ref name=bloomberg>{{citation |url= https://www.bloomberg.com/research/stocks/private/person.asp?personId=75653&privcapId=23771|title= Company Overview of Veritas Capital - Ramzi M. Musallam|publisher=Bloomberg |accessdate=March 19, 2017 }}</ref>
'''Veritas Capital''' is a New York-based private-equity firm founded in 1992 that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers worldwide.<ref name=Veritas>{{citation |url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=23771|title= Company Overview of Veritas Capital |publisher=Bloomberg |accessdate=May 4, 2017}}</ref><ref name="WSJ_McKeon_obit_2012" /><ref name="Observer_McKeon_2012">{{citation |title=Veritas Capital Founder Robert B. McKeon Dead in Apparent Suicide |authors=Daniel Edward Rosen and Patrick Clark |url=http://observer.com/2012/09/263258/ |publisher=Observer|date=September 14, 2012 |accessdate=February 6, 2017}}</ref> The firm’s first fund closed in 1998.<ref name=law>{{citation |url= https://www.law360.com/articles/892327/veritas-capital-secures-3-55b-for-middle-market-tech-fund|title= Veritas Capital Secures $3.55B For Middle-Market Tech Fund |publisher=Law360|date=February 15, 2017|author= Benjamin Horney }}</ref> With the closing of its sixth fund in 2017, Veritas has approximately $10.2 billion of assets under management.<ref name=aum/><ref>{{citation |url= http://www.pionline.com/article/20170215/ONLINE/170219919/veritas-capital-closes-sixth-fund-at-355-billion-above-its-target|title= Veritas Capital closes sixth fund at $3.55 billion, above its target|publisher=Pensions&Investments|date=February 15, 2017|author= Meaghan Kilroy }}</ref> Veritas is led by Ramzi Musallam, the firm’s Chief Executive Officer and Managing Partner.<ref name=bloomberg>{{citation |url= https://www.bloomberg.com/research/stocks/private/person.asp?personId=75653&privcapId=23771|title= Company Overview of Veritas Capital - Ramzi M. Musallam|publisher=Bloomberg |accessdate=March 19, 2017 }}</ref>


==History==
==History==

Revision as of 16:37, 13 November 2019

Veritas Capital Fund Management LLC
Founded1992
FoundersRobert B. McKeon
Headquarters
9 West 57th Street, New York City
,
USA[1]
Key people
Ramzi Musallam
Hugh Evans
Benjamin Polk
James Dimitri
Brian Gorczynski [2]
ServicesPrivate equity
Banking & Financial Services
Technology or technology-enabled solutions
AUM$10.2 billion[1]
Total assets (2018)
Number of employees
32 (2017)
WebsiteVeritas Capital website

Veritas Capital is a New York-based private-equity firm founded in 1992 that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers worldwide.[3][4][5] The firm’s first fund closed in 1998.[6] With the closing of its sixth fund in 2017, Veritas has approximately $10.2 billion of assets under management.[1][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.[3][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.[3] 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 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]

Global Tel Link

Main article: Global Tel Link

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.[4]

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 the "health-care data business" of Thomson Reuters for $1.25 billion; the business is now called Truven Health Analytics.[4] In 2016, Veritas sold Truven Health Analytics Inc. to IBM for $2.6 billion.[23] There were plans to acquire Verisk Analytics Inc.’s health-care services business for $820 million.[23]

On April 2, 2018, Veritas announced plans to buy The Value-Based Care Solutions Group from GE Healthcare for $1.05 billion.[24] The deal closed on July 11, 2018.[25] On October 9, 2018, Veritas announced they were rebranding The Value-Based Care Solutions Group to Virence Health Technologies.[26]

On November 12, 2018, Veritas announced they had entered in to a definitive agreement to acquire Watertown, Massachusetts-based athenahealth for $5.7 billion through a partnership with Evergreen Coast Capital. Veritas stated they would merge athenahealth with Virence Health Technologies; the joint company would operate under the athenahealth brand.[27] The acquisition closed on February 11, 2019.[28]

References

  1. ^ a b c "Veritas Capital Fund Management LLC - Assets, Funds, Holdings". AUM 13F. Retrieved November 13, 2019.
  2. ^ Our Team, Veritas Capital, retrieved May 12, 2017
  3. ^ a b c Company Overview of Veritas Capital, Bloomberg, retrieved May 4, 2017
  4. ^ a b c David Benoit (September 13, 2012). "Robert McKeon of Veritas Capital Dies". Wall Street Journal. Retrieved February 6, 2017.
  5. ^ Veritas Capital Founder Robert B. McKeon Dead in Apparent Suicide, Observer, September 14, 2012, retrieved February 6, 2017 {{citation}}: Cite uses deprecated parameter |authors= (help)
  6. ^ a b 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. ^ a b 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. ^ a b c 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. ^ a b "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. ^ a b Anthony Noto (December 20, 2016), "Veritas Capital is raising $3 billion for its new fund", New York Business Journal, retrieved February 6, 2017
  24. ^ LaVito, Angelica (2018-04-02). "Veritas Capital to acquire a GE Healthcare unit for $1 billion". CNBC. Retrieved 2018-04-03.
  25. ^ "Veritas Capital Completes Acquisition of Revenue-Cycle, Ambulatory Care and Workforce Management Software Units from GE Healthcare for $1 Billion". Business Wire. Retrieved 2019-04-16.
  26. ^ "Former GE Healthcare Value-Based Care Solutions Group Rebrands as Virence Health Technologies". Retrieved 2019-04-16.
  27. ^ "athenahealth Enters Definitive Agreement to be Acquired by Veritas Capital For $135 Per Share in Cash". Retrieved 2019-04-16.
  28. ^ "Veritas Capital Completes Acquisition of athenahealth". Business Wire. Retrieved 2019-04-16.

External links

Official website

Retrieved from "https://en.wikipedia.org/w/index.php?title=Veritas_Capital&oldid=925994291"