MCLEAN, Va., May 06, 2019 /PRNewswire-PRWeb/ -- Dovel Technologies, a leading expert to federal agencies that blends deep domain expertise and advanced technologies in the health IT, life sciences, and grants management markets, today announced a major capital investment and partnership with Macquarie Capital, the corporate advisory, capital markets, and principal investment arm of Macquarie Group. The capital infusion will be used to broaden Dovel's reach within the Federal market in areas including biomedical informatics, scientific research and development, advanced analytics and artificial intelligence, and full lifecycle grants management and administration.
Dovel grew a rapid 60 percent annually between 2011 and 2017, transitioning from a small business to a successful mid-tier business with annual revenues of more than $200 million in 2018. This partnership with Macquarie will 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," Dovel Chief Executive Officer, Paul Leslie said. "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."
In 2018, Dovel's founders, Dov and Elma Levy, with Leslie and Dovel President Damon Griggs recognized the need to advance the company through partnering with an investor that would fully embrace their future vision of the business. In Macquarie Capital, they found a cultural fit, as well as an experienced, long-term investor in growth companies.
"We quickly recognized senior leadership's strategic vision, the company's focused market expansion, and significant growth potential," said Larry Handen, Senior Managing Director and Head of Principal Investments Americas, Europe, and Asia at Macquarie Capital. "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."
"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," said Jared Doskow, Managing Director, Macquarie Capital. "We look forward to working with the leadership team and supporting the company's next phase of growth. "
About Dovel Technologies
Dovel advances the missions of its customers in health IT, life sciences, and grants management through the integration of deep domain expertise and advanced technologies and delivers complex systems integration and information management solutions in data-driven environments for federal agencies to improve lives. To learn more visit http://www.doveltech.com.
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. Its capabilities encompasses corporate advisory and a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie's own balance sheet. These offerings are reinforced through our deep sector expertise in: business services, consumer, gaming and leisure, financial institutions, green energy, healthcare, industrials, infrastructure and energy, real estate, resources, technology and telecommunications and media sectors across the US.
SOURCE Dovel Technologies