Xcelerate pushes to grow artificial intelligence chops via acquisition
Gettyimages.com / Eugene Mymrin
By
Ross Wilkers
ClearAvenue opened for business in 2002 and brings to the buyer some past performance qualifications in the technology.
Xcelerate Solutions has acquired a provider of software development and maintenance services as part of a push to further round out technical offerings, particularly in artificial intelligence and machine learning.
ClearAvenue opened for business in 2002 and describes its core tech areas as including data analytics, cloud solution development, integration, cybersecurity, health IT and business intelligence.
With this acquisition, Xcelerate now employs approximately 1,500 people with a focus on providing digital services and solutions to federal agencies. Terms of the transaction announced Tuesday were not disclosed.
This represents Xcelerate’s third purchase as a portfolio company of the family-run private equity firm McNally Capital, which first acquired the company in early 2023.
“This acquisition marks a significant step forward in our technical capabilities,” Xcelerate CEO Mark Drever said in a release. “We’ve always had a solid foundation in digital transformation, but clearAvenue lets us take it to the next level. ClearAvenue is one of the few companies with demonstrated past performance qualifications in AI and machine learning.”
In September, Xcelerate closed its purchase of a background investigation support business from General Dynamics’ IT services division. Xcelerate’s largest transaction with McNally’s support was completed in February 2024, where the company combined with VMD in a move to further build out federal IT and security tech offerings.