ARLINGTON, VA., February 1, 2021 – IST Research and Two Six Labs announced today they have both been acquired by an affiliate of global investment firm The Carlyle Group (NASDAQ: CG), and have combined to form Two Six Technologies, Inc., a high-growth, technology-focused provider to the Intelligence Community, Department of Defense, and other critical U.S. national security customers.
The combination of these two companies brings exciting new capabilities to Two Six Technologies’ customers. The combined enterprise offers a family of operationally deployed products (Pulse, IKE™, SIGMA™, 8Wire™, and others), a robust suite of sole source contract vehicles with more than $400M of combined contract ceiling, deep integration with the Federal Research & Development Community, and a global operational footprint that includes a technical presence in more than 40 countries, coupled with native proficiency in more than 20 languages.
Two Six Technologies will be led by CEO Joe Logue, previously an Executive Vice President at Booz Allen Hamilton, where he led the firm’s Defense and Intelligence business. Larry Prior, who has served in numerous leadership positions in government and private industry, including most recently as the CEO of CSRA Inc. until its successful sale to General Dynamics, will serve as Chairman of the Board.
IST Research is a leading provider of open source data collection, population engagement, and content discovery solutions primarily for U.S. Government customers. IST Research provides access to hard-to-reach populations at scale through a proprietary technology platform, which enables customers to collect open source information and engage populations across various media channels. Ryan Paterson, the founder and CEO of IST Research will remain with the combined business as Chief Growth Officer.
“We could not be more excited about the combination of this team’s capabilities,” said Ryan Paterson. “Joining forces with another team that shares our passion for applied research and operational excellence was an easy decision for us; this merger is definitely a case where 1 + 1 is far greater than 2.”
Two Six Labs is a leading provider of cybersecurity and advanced technology solutions for the U.S. Government, including customers within DARPA, U.S. Cyber Command, the Department of Homeland Security and the broader Department of Defense and Intelligence Community. Two Six Labs researches, designs and deploys innovative technology solutions to address complex national security challenges. Chris Greamo, previously President and CEO of Two Six Labs, will serve as the Chief Technology Officer of the combined enterprise.
“Two Six and IST Research have collaborated successfully for years, and personally I have worked with Ryan for over a decade. IST Research and Carlyle are ideal partners as we embark on the next chapter of Two Six’s journey, evolution, and growth,” said Chris Greamo. “The IST and Carlyle teams share our long-standing commitment to building an industry-leading culture and team, developing innovative technology solutions that serve critically important missions of national security. We look forward to combining Two Six’s products and capabilities with IST’s to further enhance and accelerate our team’s impact to our customers and the nation.”
Joe Logue said, “IST Research and Two Six Labs are outstanding strategic and cultural fits for the platform we are building. IST’s leading Pulse technology platform and Two Six’s world-class research and development capabilities and proven history of successfully transitioning research projects to fielded, operationalized solutions will serve as the foundation for what we are building at Two Six Technologies.”
“We are very excited to partner with Joe Logue and the broader Two Six Technologies team to build a platform focused on solving critical national security problems through unique technology solutions,” said Dayne Baird, a Managing Director at The Carlyle Group. “Two Six Labs and IST Research both have strong cultures focused on innovation, customer mission success, and attracting the best talent. We look forward to supporting the continued growth of the combined business.”
Raymond James & Associates, Inc. acted as the exclusive financial advisor for both IST Research and Two Six Labs in connection with their respective transactions. King & Spalding LLP acted as legal advisor to Two Six Labs, while Holland & Knight LLP acted as legal advisor to IST Research. Latham & Watkins LLP acted as legal advisor to Carlyle in connection with the transactions
About Two Six Technologies
Two Six Technologies is a high-growth company providing cybersecurity and advanced technology solutions for national security customers. The Company delivers R&D, innovation, productization and implementation expertise in cyber, data science, mobile, microelectronics and information operations. Additionally, the Company offers a family of operationally deployed products including Pulse, IKE™, SIGMA™, 8Wire™ and others. Major customers include DARPA, Department of State, U.S. Cyber Command, Department of Homeland Security and the broader Department of Defense and Intelligence Community. Headquartered in Arlington, Virginia, Two Six Technologies has over 285 employees and a global operational footprint that includes a technical presence in more than 40 countries, coupled with native proficiency in more than 20 languages.
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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $230 billion of assets under management as of September 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 30 offices across six continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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