NetworkNewsBreaks – NowVertical Group Inc. (TSX.V: NOW) Completes Allegient Defense Acquisition, Secures $5.8M Credit Facility

Company: NowVertical Group Inc. (NOW)
Category: News

NowVertical Group (TSX.V: NOW), a big-data, analytics and Vertical Intelligence(TM) software and services company, has finalized its previously announced acquisition of all issued and outstanding securities of Allegient Defense Inc. The transaction was completed after approval for the acquisition was granted by the Committee on Foreign Investment in the United States. Allegient is a U.S.-based government defense contractor that provides systems engineering and technical assistance support to the Department of Defense. In addition, NOW announced that it had closed on a $5.8 million credit facility with U.S.-based MVB Bank, consisting of a $3.8 million term loan along with a $2 million revolving line of credit. “In teaming up with Allegient, we continue to scale our government vertical,” said NowVertical CEO and chair Daren Trousdell in the press release. “Allegient’s positive history of contract performance with the highest level of U.S. Federal Government customers, excellent management and administrative team and infrastructure mark a critical and exciting expansion of NOW’s public sector capabilities and offering. We are also thrilled to consider MVB Bank, who chose to finance this transaction in part given Allegient’s history of positive performance and profitability, as one of our new and trusted stakeholders.”

To view the full press release, visit https://nnw.fm/juDm7

About NowVertical Group Inc.

NOW is a big-data, analytics and Vertical Intelligence (“VI”) software and services company that is growing organically and through acquisition. NOW’s VI solutions are organized by industry vertical and are built upon a foundational set of data technologies that fuse, secure and mobilize data in a transformative and compliant way. The NOW product suite enables the creation of high-value VI solutions that are predictive in nature and drive automation specific to each high-value industry vertical. For more information about the company, visit www.NowVertical.com.

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