RESTON, Va.--(BUSINESS WIRE)--Seneca Resources (“Seneca” or the “Company”), a leading national IT, engineering, and business professional talent provider based in Reston, VA, has joined forces with QED National (“QED”), an IT consulting firm based in New York City. This partnership, effective as of May 26, 2023, marks a significant milestone in Seneca’s growth strategy and equips the Company with enhanced capabilities and a broadened suite of client solutions. QED represents the first add-on acquisition completed by Seneca since Caymus Equity’s majority investment in September 2022.
QED has established a strong reputation over the past 30 years as a trusted provider of IT consulting services, delivering tailored solutions to a diverse range of public and private sector clients. With a focus on customer-centricity and a deep understanding of industry-specific needs, QED has consistently delivered innovative technology solutions across various verticals, including government, utilities, healthcare, and finance.
Seneca’s partnership with QED aligns strategically with the Company’s mission to provide comprehensive workforce solutions and navigate complex challenges faced by its clients. Particularly, the addition of QED strengthens the Seneca platform by further increasing Seneca’s mix of true IT consulting and cybersecurity solutions, and by adding to the Company’s base of revenue focused in the recession-resilient government, utilities, and healthcare verticals.
The acquisition of QED also expands Seneca’s national presence with a new office in New York City, one of the most vibrant business and technology hubs in the world. This marks the Company’s seventh location across the United States.
“Partnering with QED represents meaningful progress toward achieving our strategic objectives for Seneca in the first nine months of our investment,” commented Blake Cummings, Principal and investment lead at Caymus Equity. “We recognize the value of IT consulting expertise in today’s marketplace, and are excited to leverage QED’s leading capabilities in this area as we continue to build the premier IT staffing and consulting business in the industry.”
"We are thrilled to welcome QED National to the Seneca Resources family," said Rob Persiano, CEO of Seneca. "Their proven track record, deep industry expertise, and commitment to exceptional quality perfectly complements our strategic objectives. This transaction positions us for even greater success as we expand our national footprint and offer enhanced cybersecurity services to our valued clients."
Dustin Molter, the leader of QED’s operations, will join Seneca’s leadership team as Managing Director for the New York City office, bringing with him a wealth of experience and insights into the local market. Mr. Molter’s guidance will be instrumental in continuing to drive the growth and success of Seneca’s operations in the New York City area.
In addition to Seneca, Caymus Equity’s staffing experience includes a prior investment in Hospitality Staffing Solutions, the nation’s largest provider of full-time staffing services to hotels, resorts and casinos, and a current investment in PlanIT Group, a technology consulting firm providing IT consulting and staffing services to a global client base.
The acquisition of QED closed on May 26, 2023. Momentum Advisory Partners represented QED in the transaction.
To learn more about QED, visit https://www.qednational.com/
To learn more about Seneca, visit https://senecahq.com/
To learn more about Caymus Equity, visit https://www.caymusequity.com/
About Caymus Equity
Founded in 2001 and with offices in Atlanta and New York, Caymus Equity is a leading private equity firm focused on control transactions in the lower middle market and is currently investing out of Caymus Equity Partners Fund II, L.P. We invest in profitable companies with significant upside potential where the owners and management teams are seeking a value-added partner to help fuel growth. Our partnerships center around mutual culture, business values, and goals as the foundation for driving sustainable growth and value for all stakeholders. We strive to work with management to develop and refine strategy and provide support while leaving day-to-day execution to the operators of the business.
Caymus Equity’s other holdings include PureRED, a provider of a unique combination of marketing services that increase sales and customer engagement for world class retail, consumer packaged goods and business-to-business enterprises; TriplePoint, a full-service mechanical contractor with operations across six states in the Midwest; Pan-Am Dental, a full-service manufacturer and distributor of high quality custom dental products; PlanIT Group, a provider of a full suite of IT consulting and staffing solutions to the government and commercial sectors; Colorado Barricade, a provider of roadway safety, pavement marking, traffic control, and sign installation solutions for commercial customers, utility contractors and roadway infrastructure maintenance providers in the Rocky Mountain region; and Overland Vehicle Systems, a leading branded supplier of outdoor and automotive aftermarket parts and accessories for Overlanding and off-roading enthusiasts.
