This stands as one of the most recent developments in a growth-filled year for the business of government technology.
Funds advised by Permira have joined “as a strategic minority investor” in Versaterm, which days ago announced its purchase of DroneSense, a drone tech supplier, according to a statement.
Financial details were not disclosed.
The Permira backing has resulted in the addition of Yossi Carmil, longtime CEO of digital forensics tech supplier Cellebrite, to the Versaterm board of directors.
Versaterm also has investor backing from Banneker Partners, another private equity firm, which became involved with the company in 2020.
Permira holds the No. 39 spot on the most recent PEI 300 List from Private Equity International, a news source for that industry.
According to the statement, Banneker and Permira are determined to “deepen” the company’s product leadership in the public safety technology space, especially as artificial intelligence becomes more mainstream.
“This is an exciting new chapter for Versaterm,” said Warren Loomis, president and CEO of Versaterm, in the statement. “With the support of Banneker and Permira, we will continue to invest in innovative solutions that solve problems for the agencies we serve.”
Shea & Company LLC served as exclusive financial adviser to Versaterm and Banneker Partners on their minority sale to Permira.
