Veritas Capital CEO and Managing Partner Ramzi Musallam has been inducted into the 2023 edition of the prestigious Wash100 Award in recognition of his outstanding leadership at the helm of an investment company whose footprint in the government technology market is substantial and continuously expanding.
The Wash100 Award is a forward-looking accolade that identifies high-powered executives and influential individuals working in the government contracting sector who are poised to deliver significant impact to government missions in the coming year and shape the future of the public sector.
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This marks Musallam’s eighth consecutive year of recognition in the distinguished Wash100 list, placing him in the top one percent of winners across the elite award’s 10-year history.
“Ramzi is emblematic of the entrepreneurial spirit and mission-driven focus of the U.S. GovCon sector,” said Jim Garrettson, CEO of Executive Mosaic and founder of the Wash100 Award. “As the head one of the top investment firms, Ramzi provides a stabilizing force and predictability of return on investment for the funds he manages.”
“While we cited Ramzi last year as an ‘enigmatic titan,’ there is nothing bewildering about his knowledge of and control over the GovCon technology market, where he has uniquely positioned Veritas as an active force steering the future of the GovCon sector,” Garrettson added.
Musallam has been Veritas’ top executive for 11 years, and under his leadership the New York City-based multi-strategy investment firm’s assets have grown from $2 billion in 2012 to $45 billion today. Notable GovCon companies in Veritas’ portfolio include Cubic, Guidehouse, Peraton and other growing organizations contributing to government missions.
In 2022, Veritas perpetuated its significant momentum from the previous year — 2021 was a landmark year for the firm with 10 acquisitions totaling over $21 billion — by continuing to add to its ever-expanding portfolio of technology companies serving the government market.
Veritas-owned Guidehouse acquired Grant Thornton’s public sector business in October 2022, adding financial services, human-capital management and information technology capabilities to the consulting firm.
“This acquisition creates a firm with best-in-class talent, unmatched experience and a robust set of capabilities that is now even better positioned to serve clients and drive lasting value for all stakeholders,” said Musallam of the purchase.
Veritas continued its buying streak in October with its acquisition of CAES Space Systems, a business unit of CAES that manufactures radiation-hardened microelectronics and systems for use in space operations, expanding the private equity firm’s presence in the space tech sector.
“Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership,” explained Musallam, noting that Veritas will deploy its government technology experience to accelerate growth for the CAES business.
Veritas completed the CAES Space Systems buy in January 2023 and changed the name of the acquired business unit to Frontgrade Technologies, reflecting the company’s objective of creating technology platforms that support national security missions and solve engineering challenges.
Also in October 2022, Veritas announced that its eighth fund surpassed its initial $8.5 billion target, ultimately raising $10.65 billion. Musallam said the successful fund raise demonstrated the “enduring strength” of Veritas’ strategy, which is built on a technology-enabled approach and focuses on critical government missions.
“We look forward to pursuing a growing set of opportunities and continuing to make a positive impact across critically important areas, including healthcare, education, and national security,” Musallam said.
Veritas’ last acquisition of 2022 came in December when the firm bought Sequa — the parent company of Chromalloy, a technology company focused on the manufacturing and maintenance of aircraft engines and gas turbines— from The Carlyle Group.
Musallam said Chromalloy is a “leader in the engine aftermarket,” and is well-positioned for continued growth.
Executive Mosaic once again congratulates Ramzi Musallam and the entire Veritas Capital organization for their selection to the 2023 Wash100 list.