Carlyle Group buys two Va. tech companies; forms Two Six Technologies

New company combines Fredericksburg's IST Research and Arlington's Two Six Labs

Published February 2, 2021 by Sydney Lake

An affiliate of Washington, D.C.-based global investment firm The Carlyle Group has acquired Virginia tech companies IST Research and Two Six Labs to form Two Six Technologies Inc., which will provide tech services to the intelligence community, the Department of Defense and other national security customers.

Financial terms of the acquisitions were not disclosed, but the combined company has a combined contract ceiling of more than $400 million. Fredericksburg-based IST Research provides services including open source data collection, population engagement and content discovery, while Arlington-based Two Six Labs provides cybersecurity and advanced technology services.

The merged company will be led by former Booz Allen Hamilton Executive Vice President Joe Logue, who will serve as its CEO. In his role with Booz Allen, he led the firm’s defense and intelligence business. Larry Prior, who served as CEO of CSRA Inc. before it was acquired by General Dynamics, will serve as chairman of the board. IST Research founder and CEO Ryan Paterson will serve as chief growth officer and Two Six Labs President and CEO Chris Greamo will serve as chief technology officer.

“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,” Paterson said in a statement. 

Raymond James & Associates Inc. served as financial adviser to both IST Research and Two Six Labs. King & Spalding LLP acted as legal adviser to Two Six Labs, while Holland & Knight LLP acted as legal adviser to IST Research. Latham & Watkins LLP acted as legal adviser to Carlyle.

“The IST and Carlyle teams share our longstanding commitment to building an industry-leading culture and team, developing innovative technology solutions that serve critically important missions of national security,” Greamo said in a statement. “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.”

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