Private investment firm Trivest Partners acquired a minority stake in MGT Consulting, a Tampa-based public sector management consulting and technology services firm.
Financial terms weren’t disclosed.
Trivest has offices in Miami, Los Angeles and Philadelphia and $1 billion under management.The investment firm was was attracted to MGT’s track record of growth, said Jamie Elias, partner at Trivest.
The new capital will be used to support investments in innovation, acquisitions and expanding technology infrastructure, a news release said.
“This is a great deal to accomplish during a difficult time,” said Trey Traviesa, chairman and CEO.
MGT partners with public sector professionals across the country to solve complex problems. The company cited several examples of its social impact in the SLED (state, local and education) markets:
- Serving higher education institutions to assess the feasibility of introducing new medical school programs to address rural access to quality health care.
- Leading comprehensive facility master planning projects for large public school districts in support of education innovation and public facilities financing.
- Protecting client data and information systems with cyber solutions ranging from county child-support services to state elections security monitoring.
- Serving over 5,000 city and county clients with fiscal solutions to help them provide public services efficiently and better support financial obligations, including employee pensions.
- Contracting as Emergency Operators of failing public schools and school districts in high-poverty communities, impacting 50,000 students and 5,000 teachers and staff to improve academic performance, graduation rates and financial health.
- Leading more than 220 Diversity, Equity and Inclusion studies, examining local criminal justice systems, public works contracting and other areas of state and local government operations for disparities.
- Ensuring tribal entities have updated classification, compensation and benefits systems so they can provide adequate services to their people and recruit and retain the best and brightest talent.
“We are excited about partnering with MGT because they are building a leading business enterprise that yields powerful social benefits and that is very unique,” Elias said. “We believe MGT’s opportunity for growth is almost unlimited in the $100 billion SLED services market and we are ready to invest our significant capabilities in support of their winning strategy.”