Dovel Technologies, a McLean, Virginia-based customer-focused software solutions company has raised funding from Macquarie Capital and also established a partnership with the company. The terms of the deal were undisclosed. Macquarie Capital is the corporate advisory, capital markets, and principal investment arm of Macquarie Group.
What does Dovel Technologies do? It has been a leading expert to federal agencies for blending deep domain expertise and advanced technologies in the health IT, life sciences, and grants management markets.
With the funding, it will broaden Dovel’s reach within the federal market in areas that include biomedical informatics, scientific research and development, advanced analytics and artificial intelligence, full lifecycle grants management, and administration.
Macquarie is going to provide the capital needed for organic and acquisitive growth as the company looks to rapidly advance its innovative development of solutions, services, and capabilities for new and developing customers.
“This new partnership enables us to aggressively pursue our long-term growth strategy for the business, explore market expansion through potential acquisitions, and have additional resources available to create new, differentiated solutions, services, and capabilities,” said Dovel CEO Paul Leslie in a statement. “Dovel has a long, proven history of integrating emerging technologies with domain expertise, mission requirements, and customer needs to produce lasting and highly innovative solutions to customers. We look forward to expanding these solutions across government and broadening our brand recognition.”
Last year, Dovel’s founders Dov Levy and Elma Levy along with Leslie and President Damon Griggs realized the need to advance the company through partnering with an investor would fully embrace their future vision of the company. Macquarie Capital had a cultural fit along with their skills as a long-term investor in growth companies.
“We quickly recognized senior leadership’s strategic vision, the company’s focused market expansion, and significant growth potential,” added Macquarie Capital Senior Managing Director and Head of Principal Investments Americas, Europe, and Asia Larry Handen. “Dovel’s deep technological capabilities, alignment across both health and life sciences, and deep customer relationships present a highly attractive strategic investment opportunity for Macquarie Capital.”
Between 2011 and 2017, Dovel Technologies grew about 60% per year. And it transitioned from a small business to a successful mid-tier company with annual revenues of more than $200 million last year.
”Through this process, we came to know Dov, Elma, and the executive team very well and have a deep understanding of Dovel’s business, including its exceptional potential,” explained Macquarie Capital managing director Jared Doskow. “We look forward to working with the leadership team and supporting the company’s next phase of growth.”
