Lentech's employees now own all of the company
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By
Ross Wilkers
The 24-year-old company is adopting the employee stock ownership plan to position itself as an employer-of-choice and achieve longer-term sustainability.
Lentech, a provider of technology and professional services to federal agencies, is now fully-owned by its staff following the transition to an employee stock ownership plan.
The 24-year-old company closed the transaction in July and adopted the ESOP model in order to position itself as an employer-of-choice in the federal market, as well as to achieve longer-term sustainability.
“By becoming 100% employee-owned, we are not only securing a brighter future for our current employees but also creating an environment where innovation thrives through collective investment,” Lentech’s chief executive Paul Dillahay said in a release.
Dillahay joined Lentech at the start of this year as CEO and succeeded founder Andrew Gallegos, who started the company in 2001 and remains executive chairman of its board of directors.
Lentech describes its tech services portfolio as including secure application and cloud hosting, IT operations and cyber services, automation, application development, space and ground systems, and big data analysis.
The company employed 130 people as of our 2024 Fast 50 small business rankings, where Lentech hit Position No. 39.
(The Monday, Aug. 25 episode of our WT 360 podcast will be all about employee stock ownership plans in the government market, including discussion about the kinds of companies it could be right for)