Paragon Technology Group Acquired by LLR PartnersScott Friedlander appointed President and CEO
Vienna, Virginia – January
18, 2012
– Paragon Technology Group, a leading provider of
strategic
technology
solutions to
the
public
sector, and LLR Partners,
one of the Mid-Atlantic’s largest private equity
investment firms with over $1.4 billion under management, announced today that the equity firm has made a
majority investment in
Paragon. The remaining ownership
will be held by the
company’s founders, executive team and employees. As part of the
acquisition, LLR has appointed Scott Friedlander as President and CEO of
Paragon. Mr. Friedlander has more than 30 years of
executive leadership experience in the IT industry, including key leadership
positions at Xerox
Corporation
and GTSI Corp.
“I am very excited about starting a new chapter of Paragon,” said Gazelle
Hashemian, co-founder of Paragon Technology Group, who will take on a new
role post transaction as a member of the Board of Directors. “I am thrilled
that a seasoned executive like Scott will be leading the company throughout
the next phase. Scott’s experience and energy combined with LLR’s backing
will provide Paragon the necessary support to continue to grow and will
expand our ability to support the customer mission. Paragon has been built
from the ground up by committed, talented, and hard working professionals. I
am proud of what our team has achieved in the past decade and look forward
to another great decade ahead.”
“We are extremely proud of Paragon’s
successful journey over the past 15 years,” said Dr. Sassan Kimiavi,
co-founder of Paragon Technology Group. “The investment of LLR Partners and
the addition of the new leadership team will fuel continued strategic growth
and allow the Paragon team to expand on the client-centric solutions that
have helped our customers meet their business goals every day.”
"We have been very
impressed with Paragon’s growth," said David Stienes, Partner at LLR.
"Gazelle, Sassan and their team have focused on providing superior technical
services with a demonstrable return on investment to their client base.
Their domain expertise and commitment to quality has enabled them build a
large base of loyal customers.
We view Paragon as a platform that can continue to add additional service
offerings and knowledge in order to better serve the public sector."
About Paragon Technology Group, Inc.
Paragon Technology
Group, Inc. is a fast-growing information technology company providing
professional services to
the public sector.
Founded in 1997, Paragon has
been recognized as one of the top 50 fastest growing companies in the
Washington,
D.C., Metro area and one of the top small businesses in the US.
Paragon delivers an extensive suite of services, including IT systems
engineering and application development, governance
and PMO
implementation and support, business intelligence and
data management, enterprise
modernization,
and
financial and
quality management, across
the public sector.
Paragon’s vertical
expertise includes Healthcare IT,
logistics and supply chain management,
and
homeland security.
Paragon provides these services to
Federal Healthcare (NIH, CMS, FDA), DHS, DOJ, USDA, Treasury, and various
Department of Defense agencies.
Paragon is CMMI Level 2
Certified company. Paragon is headquartered in Vienna, Virginia.
About LLR Partners
LLR Partners, a
leading private equity firm based in Philadelphia, PA, provides capital to
middle market growth companies with proven business models in a broad range
of industries including financial, health care and business services,
information technology, and education. With over $1.4 billion under
management, LLR is flexible in its approach, taking minority or majority
positions, and investing in transactions ranging from expansion and growth
capital to recapitalizations and buyouts.
For more information about LLR, please visit
www.llrpartners.com.
Paragon Technology Group
Contact:
LLR Partners Contact: |
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