Benzinga | Oct 4, 2021 09:19AM EDT

WidePoint Acquires IT Authorities; Terms Not Disclosed

WidePoint Corporation(NYSE:WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Identity Management (IdM), Telecommunications Lifecycle Management, and Digital Billing & Analytics solutions, has acquired IT Authorities (ITA), a globally ranked Managed Service Provider (MSP), Managed Security Services Provider (MSSP), and Cloud Services Provider (CSP).

IT Authorities Overview

Based in Tampa, Florida, ITA is an award-winning provider of comprehensive information technology (IT) as a service offerings, including cybersecurity, cloud, network operations, and professional services. Since 2002, ITA has been transforming organizations through technology, applying IT strategy and innovation to meet the needs of small and mid-sized enterprises. The company's growing customer base spans 110 clients across a range of industries throughout North America.

ITA has received the prestigious Inc. 5000 Fastest Growing Company in America award seven times and has been recognized as one of the "Best Places to Work/Best Companies to Work For" more than 10 times. ITA consistently ranks among the Top 500 MSPs in the World by Channel Futures.

Acquisition Summary and Rationale

* Enhances WidePoint's expertise in delivering ITaaS solutions to existing and prospective customers.

* Expands WidePoint's footprint and presence in the bourgeoning commercial enterprise sector, especially with small and mid-sized businesses.

* Provides meaningful cross-sell opportunities, including layering on WidePoint's Identity Management solution on top of ITA's managed cybersecurity offerings.

* Offers significant upsell opportunities to sell WidePoint's Identity Management (IdMaaS) offering to ITA's customer base.

* Acquisition is expected to be accretive to WidePoint's operating results, excluding customary acquisition-related expenses.

Under the terms of the agreement, WidePoint acquired substantially all the assets of ITA. Additional details of the acquisition, including transaction terms and consideration will be filed on Form 8-K with the Securities and Exchange Commission and available here.