WidePoint Acquires IT Authorities For Undisclosed Terms

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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