Hyde Park Capital Announces Sale of IT Authorities to WidePoint Corporation (NYSE:WYY)

FOR IMMEDIATE RELEASE

HYDE PARK CAPITAL ANNOUNCES SALE OF IT AUTHORITIES TO WIDEPOINTCORPORATION (NYSE:WYY)

Tampa, Florida – October 20, 2021 - Hyde Park Capital Advisors, LLC (“HPC”) is pleased to announce that its’ client IT Authorities (“ITA”), a leading total managed services solution provider (MSP) offering turnkey operating environments with subscription pricing that covers everything from installation to support for mission critical applications, has been acquired by WidePoint Corporation, NYSE:WYY (“WidePoint”). Hyde Park Capital served as the exclusive investment banker to IT Authorities on the sell-side of this transaction.

Jason Caras, CEO & Co-Founder of ITA commented, “We are extremely excited about the business combination of ITA and WidePoint. We believe under WidePoint we will have more resources and be able to provide greater support and additional services to our growing customer base. We very much appreciate the help of Hyde Park Capital over the past several years as our investment banker and financial advisor. HPC helped us innumerous discussions with different potential partners and investors, as we evaluated different strategic alternatives, leading up to us selecting WidePoint as our go-forward partner. They have been very professional, knowledgeable and easy to work with, and we look forward to a continued relationship with the Hyde Park Capital team including John Hill and Matt Gladdish, as we move forward.”

"After a meticulous screening period, we found the ideal company in ITA because it adds accretive value across all facets of our business," said Jin Kang, WidePoint CEO. "With the rapidly growing managed services, cloud, and cybersecurity markets poised for explosive growth, ITA significantly strengthens our footprint within each growth market. In addition to benefitting from ITA's high margin, recurring, managed services revenue, we are able to immediately tap into their expanding commercial SMB customer base with our enhanced offerings. Additionally, ITA brings a very strong company culture and customer service, as proven by the plethora of corporate awards they've won. Overall, the accretive acquisition provides WidePoint with a more robust set of capabilities and technical synergies that will enable us to capture more market share in the bourgeoning managed services, cloud, and cybersecurity markets."

John Hill, Senior Managing Director with Hyde Park Capital said, “We appreciate our important and long-standing investment banking relationship with Jason Caras at ITA. ITA is a highly successful and extremely creative technology business led by entrepreneurs that have built an outstanding Microsoft cloud focused MSP business that is a market leader in the Tampa Bay market. We expect that the merger with WidePoint will be highly successful.” Mr. Hill added, “We also appreciate the opportunity to work with Troy Carnrite with the Bradley firm who lead the legal side of the transaction for ITA.”

About IT Authorities (ITA)

Based in Tampa, Florida, ITA is an award-winning provider of comprehensive information technology (IT) as a service offering, including cybersecurity, cloud, network operations, and professional services. Since 2002, ITA has been transforming organizations through technology, applying IT strategy and innovation to meet the needs of small and mid-sized enterprises. The company's growing customer base spans 110 clients across a range of industries throughout North America.  ITA has received the prestigious Inc. 5000 Fastest Growing Company in America award seven times and has been recognized as one of the "Best Places to Work/Best Companies to Work For" more than 10 times. ITA consistently ranks among the Top 500 MSPs in the World by Channel Futures. For additional information, please visit www.itauthorities.com.

About WidePoint Corporation

WidePoint Corporation is a leading provider of Trusted Mobility Management (TM2)solutions, including Identity Management (IdM), secure Mobility Managed Services (MMS), Telecom Lifecycle Management, and Digital Billing &Analytics. For additional information, please visit www.widepoint.com.  

About Hyde Park Capital

Hyde Park Capital is an institutionally focused investment banking firm specializing in mergers and acquisitions and serving the corporate finance needs of middle market public and private companies. Its principals have extensive investment banking experience executing merger and acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory, fairness opinions and raising growth capital and acquisition financing for companies, including equity, mezzanine, and senior debt. Hyde Park’s bankers have significant experience in the technology services and software sector. Hyde Park Capital is headquartered in Tampa, Florida and is a member of FINRA and SIPC. For additional information, please visit www.hydeparkcapital.com.

Media Contact:

John H. Hill, Jr.                                                                    Matthew Gladdish
Hyde Park Capital                                                               Hyde Park Capital
hill@hydeparkcapital.com                                                  gladdish@hydeparkcapital.com
813-383-0205                                                                    813-383-0203          

Client Testimonials

"Hyde Park’s team guided us through the process, providing us with a number of high quality counter-parties, and supported us through the transaction structuring, negotiation and due diligence. We are very pleased with the outcome and excited for the future of DTS.”
Allen Ibaugh, Co-Founder and CEO of Data Transfer Solutions
“We enjoyed working with Hyde Park Capital and appreciated their M&A expertise in the technology services sector and their help on this important transaction.”
Chris Toepke, CEO of Trifecta
“We very much appreciated the assistance of Hyde Park Capital on this strategic acquisition for ITE. Their M&A experience was quite helpful to our team and the overall process and assured the deal was well executed and we got it closed on schedule.”
Scott Dols, CEO of Industrial Truck & Equipment, LLC
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