Portera Acquires Maxwell Business Systems
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Continuing its expansion into new sectors of the professional services industry, Portera, a Vertical Service Provider (VSP) of subscription-based business software and outsourced services to the professional services industry, Monday (Dec 18) announced the acquisition of Maxwell Business Systems (MBS), a leading provider of comprehensive time-and-expense, project accounting and back-office financial solutions for government contractors.
The news comes on the heels of Portera's announcement last week (Dec 11th) of a $14.3m injection of private funding from American Express Company subsidiary American Express Financial Corp. The new funding extends the Portera's latest funding round to $50m, and brings the total invested to date to above $100m.
"Portera has long viewed government contractors as an attractive target market. Analysts estimate that government spending on professional services will exceed $14 billion in the next two years," said Gary Steele, CEO of Portera. "However, serving this market requires specialized knowledge and expertise. Maxwell's core competency in project accounting, government invoicing and time keeping with DCAA compliance positions us extremely well in this lucrative segment."
As a VSP, Portera combines people, processes and technology to deliver integrated, tailored business solutions to companies in the professional services vertical market. With over 10 years of experience serving government contractors and research institutes, MBS is a recognized leader in Defense Contract Audit Agency (DCAA) compliant accounting solutions. MBS is also a pioneer in web-hosted, DCAA-compliant solutions and has an "E-Timecard" solution licensed by over 100,000 professionals in the government contracting space.
"Maxwell Business Systems is a leading provider exclusively focused on delivering financial management solutions to government contractors and other service providers with DCAA compliance needs," said Sassan Chakamian, president and CEO of Maxwell Business Systems. "This acquisition will enable us to better serve these customers by leveraging Portera's extensive experience in the development and delivery of web-hosted software and services and by making Portera ServicePort and other solutions available to our customer base."
As part of the acquisition, MBS will be renamed Portera GC Inc., a wholly owned subsidiary focused on serving the government contracting market. The new subsidiary will be based in San Diego with field operations in Reston, Va.