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==History== |
==History== |
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The first fund closed in 1998. |
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Both founders worked at [[Wasserstein Perella & Co.|Wasserstein]]'s in private equity in the 1980s before establishing Veritas Capital,<ref name="Campbell_Veritas_2017" /><ref name="NYT_1991_chain-store-massacre">{{citation |url=http://www.nytimes.com/1991/11/03/books/books-business-chain-store-massacre.html |series=Books & Business |title=Chain Store Massacre |author=Jesse Kornbluth |date=November 3, 1991 |accessdate=February 6, 2017}} A review of ''Going for Broke: How Robert Campeau Bankrupted the Retail Industry, Jolted the Junk Bond Market, and Brought the Booming Eighties to a Crashing Halt''. John Rothchild. New York: Simon & Schuster</ref><ref name="Rothchild_1991">{{cite book |title=''Going for Broke: How Robert Campeau Bankrupted the Retail Industry, Jolted the Junk Bond Market, and Brought the Booming Eighties to a Crashing Halt'' |author=[[John Rothchild]] |pages=286 |location=New York |publisher=Simon & Schuster |date=1991}}</ref> during the [[Mergers and Acquisitions]] (M&A) boom. Following the success of the acquisition and management of [[Maybelline]], in 1992, McKeon and Thomas Campbell - a former banker from Wasserstein - founded Veritas Capital.<ref name="Campbell_Veritas_2017">{{citation |url=http://www.dccapitalpartners.com/team/tCampbell.html |title=Thomas J. Campbell, Founder and Managing Partner |date=2017|accessdate=February 6, 2017}}</ref> Campbell left Veritas Capital in 2006.<ref name="Campbell_Veritas_2017" /> |
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==Military and defense industry== |
==Military and defense industry== |
Revision as of 18:40, 18 February 2017
Founded | 1992 |
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Headquarters | 9 W 57th St, New York, NY 10019, , USA |
Key people | Ramzi Musallam Aneal Krishnan Daniel Sugar Joe Benavides Brian GoAnzynski Hugh Evans |
Services | Private equity Banking & Financial Services Technology or technology-enabled solutions |
Total assets | $5.75 billion (2017) |
Number of employees | 20 (2017) |
Website | Veritas Capital website |
Veritas Capital is a New York-based a private equity firm founded in 1992 that specializes in national security, information technology and other government-sector investments.[1][2][3] By 2012 Veritas had $2.2 billion in assets under management.[1] Senior partners Ramzi Musallam, who joined Veritas in 1992, and Hugh Evans took over Veritas management in 2012, following the death of McKeon.[1] They have invested in sectors including aerospace & defense, communications, education, energy, government services, healthcare, national security and technology.[4]
History
The first fund closed in 1998.
Military and defense industry
In the 2000s, Veritas made a major play in homeland security, first with the acquisition of Raytheon Aerospace (June 2001) and Flight International (December 2002) (Vertex Aerospace LLC),[5] the purchase of sections of Dyncorp International LLC (2004)[6] and then with the acquisition of MZM Inc., in 2005 and the Enterprise Integration Group business unit of Lockheed Martin in 2010.[7][3]
Veritas changed the name of MZM to Athena Innovative Solutions Inc.[5] and sold it to CACI in 2007.[7]
Following its acquisition of DynCorp International Inc,[5] Veritas under McKeon, built it into a "formidable defense contractor."[6]
Under Veritas, DynCorp's IPO on the New York Stock Exchange in 2006 proved to be very lucrative.[6]
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.[5]
Global Tel Link
In 2009 with the acquisition of Reston, Virginia-based telecommunications company Global Tel Link (GTL) (2009)[8] became a major player in the telecommunications industry in correctional facilities.[1][3]
By 2015, GTL controlled 50% of the Inmate Calling Service' $1.2 billion telecommunications industry[9][10] offering "integrated information technology solutions" for correctional facilities[11][12] which includes inmates payment and deposit, facility management, and "visitation solutions".[12]
GTL board members include Hugh D. Evans and Ramzi M. Musallam from Veritas Capital.[13]
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.[1] In 2016, Veritas sold "Truven Health Analytics Inc. to International Business Machines Corp. for $2.6 billion."[14] There were plans to acquire "Verisk Analytics Inc.’s health-care services business for $820 million."[14]
Controversies
In 1999, the state of Connecticut invested $125 million in a Veritas fund.[2] Veritas denied knowledge about a Veritas consultant who had "confessed to paying kickbacks" to a "Connecticut official".[2]
References
- ^ a b c d e David Benoit (September 13, 2012). "Robert McKeon of Veritas Capital Dies". Wall Street Journal. Retrieved February 6, 2017.
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(help) - ^ a b c Veritas Capital Founder Robert B. McKeon Dead in Apparent Suicide, Observer, September 14, 2012, retrieved February 6, 2017
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ignored (help) - ^ a b c 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
{{citation}}
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(help) - ^ About, Veritas Capital, nd, retrieved February 6, 2017
- ^ a b c d Portfolios, Veritas Capital, nd, retrieved February 6, 2017
- ^ a b c Liz Hoffman (May 4, 2012), Veritas Head, Ex-Partner Call Truce In Row Over Dyncorp IPO, New York: Law360, retrieved February 6, 2017
- ^ a b Charles R. Babcock (August 17, 2005), Defense Contractor Sold to N.Y. Firm, The Washington Post, retrieved February 6, 2017
{{citation}}
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(help) - ^ 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
- ^ Timothy Williams (March 31, 2015), The High Cost of Calling the Imprisoned, The New York Times, retrieved February 5, 2017
{{citation}}
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(help) - ^ 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
- ^ Lee Fang (June 24, 2015). "OPM Contractor's Parent Firm Has a Troubled History". The Intercept.
- ^ a b "Company overview". BusinessWeek. February 5, 2017. Retrieved February 5, 2017.
- ^ "People", Bloomberg LP, Company Overview of Global Tel*Link Corporation, February 6, 2017, retrieved February 6, 2017
- ^ 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