WidePoint Corp., in a deal brokered by Hyde Park Capital Advisors, buys Tampa-based IT Authorities.
TAMPA — IT Authorities, a Tampa IT firm that generated $33.7 million in gross revenue as recently as 2018, has been acquired by Fairfax, Va.-based WidePoint Corp., which specializes in mobile and telecom lifecycle management solutions, as well as digital billing and analytics.
Tampa-based Hyde Park Capital Advisors LLC, according to a news release, served as investment banker for IT Authorities, which was founded in 2002 and serves as a managed service provider (MSP) for more than 110 enterprise clients across North America. It has more than 100 employees and has been named to the Inc. 5000 list of the fastest-growing companies in American seven times.
“We are extremely excited about the business combination of ITA and WidePoint,” IT Authorities co-founder and CEO Jason Caras states in the release. “Under WidePoint, we will have more resources and be able to provide greater support and additional services to our growing customer base. We very much appreciate the help of Hyde Park Capital over the past several years as our investment banker and financial advisor.”
The cost of the acquisition was not disclosed in the release.
In summer 2020, as the COVID-19 pandemic led to a surge of work-from-home arrangements, IT Authorities listed its 18,000-square-foot headquarters building for sale for $6.5 million.
"After a meticulous screening period, we found the ideal company in IT Authorities because it adds accretive value across all facets of our business," WidePoint CEO Jin Kang states in the release. "With the rapidly growing managed services, cloud and cybersecurity markets poised for explosive growth, IT Authorities significantly strengthens our footprint within each growth market. Additionally, ITA brings a very strong company culture and customer service, as proven by the plethora of corporate awards it has won."
WidePoint Corp. reported gross annual revenue of $180.34 million in 2020, up from $101.72 million in 2019 — an increase of 77.3%.