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Defence systems provider Insitec has been acquired by Sovereign Capability Group with the backing of Australian private investment firm Whiteoak.
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Sovereign Capability Group (SCG), a company backed by Whiteoak, announced its acquisition of Insitec, as SCG invests in defence technology and sustainment businesses to create local Australian capability.
Insitec had previously established itself as a trusted provider since its foundation in 2001 and the company offers a range of digital-related services such as cyber security, cloud computing, ICT infrastructure sustainment, systems engineering and integration, and software development.
Insitec has previously been involved in delivering complex and mission-critical projects, leveraging deep domain expertise and delivery capabilities.
“(We’re) delighted to support Sovereign Capability Group to acquire Insitec,” said Whiteoak managing director Greg Garvin.
“This is an exciting investment to accelerate the growth of Insitec as a high-quality Australian technology business.
“We are also honoured to support the growth of Insitec’s people and capabilities to meet the requirements of their Defence customers.”
Sovereign Capability Group has reportedly invested significant capital to complete the Insitec acquisition and aims to build on its established export programs and expand Insitec’s service and product offerings, with a group vision to grow and support the Australian Defence Force with local talent and true country capability.
SCG aims to solidify Insitec’s status as a leading defence contractor and directly support the federal government’s intent and stated objectives to grow sovereign companies set out in the National Defence Strategy, the Defence Industry Development Strategy, and the Integrated Investment Plan.
Sovereign Capability Group is backed by Australian growth equity investor Whiteoak Growth Fund 1 that invests in and supports high-quality Australian businesses. Sovereign Capability Group represents Fund 1’s eight investment and is complemented by several other technology and services businesses.
Earlier this year, Sydney advisory firm McGrathNicol Restructuring announced the appointment of voluntary administrators of certain Insitec entities.
Barry Kogan and Damien Pasfield (partners) were announced to act as voluntary administrators of certain Insitec entities, according to a statement made on 4 June.
At the time, the appointment of the administrators was made to facilitate a financial restructure, with all operations continuing on a “business-as-usual basis”.
