Colorado Springs information technology company Xtivia Inc. has acquired a Virginia-based enterprise resource planning and financial management software provider in a deal expected to boost revenues and draw new customers.
Pleasant Valley Business Solutions, based in Reston, Va., touts itself as "the premier and leading Microsoft partner for government contractors," with products adapting Microsoft's Dynamics line of software. Xtivia was looking to expand its product line into software designed to work with Microsoft products, said Dennis Robinson, Xtivia's CEO.
IT ExchangeNet, a leading Microsoft channel mergers and acquisitions firm, helped make the deal happen, he said. Terms of the transaction weren't disclosed.
The two companies will be able to meet "a wider set of customer needs by integrating products, technologies and services. Only PVBS offers a Microsoft solution that was created specifically for growing government contractors, to help these companies better manage and optimize their business and government contracts," an Xtivia news release said.
Xtivia retained PVBS' 33 employees and plans to operate it an independent unit, Robinson said.
"The majority of their (PVBS) work is with organizations that contract with the U.S., state and local governments," he said. "Colorado Springs has a high concentration of government contractors and facilities. We hope to be able to expand our reach in Colorado Springs and that this leads to new projects and hires."
Xtivia, owned by Israeli information technology company Matrix, employs about 150 in the U.S. and another 150 in India doing computer systems integration work for commercial and government customers. The PVBS deal will boost Xtivia's annual revenue this year to nearly $50 million, Robinson said.
"The shared business philosophies and values, as well as the complementary products, custom application expertise and complete one-stop solutions offering, will provide enhanced value for our customers," he said.
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