- WidePoint Corp WYY has acquired IT Authorities (ITA) for undisclosed financial terms. ITA provides information technology (IT) service offerings, including cybersecurity, cloud, network operations, and professional services.
- Tampa, Florida-based ITA sees annualized revenue of $10 million and adjusted EBITDA of $1.5 million in 2021.
- WidePoint expects the acquisition to be accretive to its operating results, excluding customary acquisition-related expenses.
- WidePoint noted that the deal enhances its delivery of ITaaS solutions, expands its footprint and presence in the commercial enterprise sector, represents strategic upsell and cross-sell opportunities.
- WidePoint held $14.9 million in cash and equivalents as of June 30.
- Price Action: WYY shares traded higher by 4.28% at $5.36 on the last check Monday.
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