Transactions
September 2026
KippsDeSanto & Co. advises Intelligent Waves LLC on its sale to Bart & Associates, LLC, a portfolio company of DFW Capital Partners
MCLEAN, VA – KippsDeSanto & Co. is pleased to announce the sale of its client, Intelligent Waves LLC (“Intelligent Waves” or the “Company”) to Bart & Associates, LLC (“B&A”), a portfolio company of DFW Capital Partners.
Intelligent Waves is a premier provider of mission-focused technology, systems engineering, advanced cybersecurity, and data intelligence solutions for the U.S. defense, intelligence, and civilian government communities. Headquartered in Reston, Virginia, the Company designs, engineers, and integrates cutting-edge IT and cyber-hardened solutions that enable secure, rapid, and scalable mission capabilities. Intelligent Waves’ capabilities address the critical national security need for next-generation multi-domain modernization, contested-edge communications, and real-time decision advantage required to support complex federal and defense operations worldwide.
The Company’s innovative solutions portfolio includes patented secure mobile communications, covert managed attribution platforms, tactical edge computing, and sophisticated sensor telemetry and data analytics frameworks tailored for mission-critical operations. Intelligent Waves’ cutting-edge, proprietary technologies – including GRAYPATH®, Phantom™, and STRIKE – have been selected for highly visible, strategic programs across the Department of War, Special Operations Forces, and the Intelligence Community. This transaction adds deep technical expertise, patented IP, and expanded customer reach, underscoring B&A’s commitment to expanding its mission-critical IT capabilities and advancing its strategic footprint across the federal national security market.
We believe this transaction highlights several key trends in the defense technology M&A market:
- Heightened demand across defense, intelligence, and civilian agencies for next-generation obfuscation, specialized multi-path zero-trust cybersecurity, managed attribution, and resilient edge-computing capabilities;
- Strong valuation multiples placed on middle-market federal technology contractors possessing proprietary intellectual property and prime positions on key government contract vehicles; and
- Continued aggressive pursuit of high-growth, mission-aligned technology platforms by private equity-backed strategic acquirers seeking to build scaled, full-lifecycle federal integrators.
About KippsDeSanto & Co.
KippsDeSanto & Co. is an investment banking firm focused on serving growth-oriented Aerospace / Defense, Government Services and Technology companies. We are focused on delivering exceptional M&A and Financing transaction results to our clients via leveraging our scale, creativity, and industry experience. We help market leaders realize their full strategic value. Having advised on over 250 industry transactions since 2008, KippsDeSanto is recognized for our analytical rigor, market insight, and broad industry relationships. There’s no substitute for experience. For more information, visit www.kippsdesanto.com.
Investment Banking products and services are offered through KippsDeSanto & Co., a non-bank subsidiary of Capital One, N.A., a wholly-owned subsidiary of Capital One Financial Corporation, and a member of FINRA and SIPC. Products and services are Not FDIC insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured by Any Federal Government Agency.
MCLEAN, VA – KippsDeSanto & Co. is pleased to announce the sale of its client, Intelligent Waves LLC (“Intelligent Waves” or the “Company”) to Bart & Associates, LLC (“B&A”), a portfolio company of DFW Capital Partners.
Intelligent Waves is a premier provider of mission-focused technology, systems engineering, advanced cybersecurity, and data intelligence solutions for the U.S. defense, intelligence, and civilian government communities. Headquartered in Reston, Virginia, the Company designs, engineers, and integrates cutting-edge IT and cyber-hardened solutions that enable secure, rapid, and scalable mission capabilities. Intelligent Waves’ capabilities address the critical national security need for next-generation multi-domain modernization, contested-edge communications, and real-time decision advantage required to support complex federal and defense operations worldwide.
The Company’s innovative solutions portfolio includes patented secure mobile communications, covert managed attribution platforms, tactical edge computing, and sophisticated sensor telemetry and data analytics frameworks tailored for mission-critical operations. Intelligent Waves’ cutting-edge, proprietary technologies – including GRAYPATH®, Phantom™, and STRIKE – have been selected for highly visible, strategic programs across the Department of War, Special Operations Forces, and the Intelligence Community. This transaction adds deep technical expertise, patented IP, and expanded customer reach, underscoring B&A’s commitment to expanding its mission-critical IT capabilities and advancing its strategic footprint across the federal national security market.
We believe this transaction highlights several key trends in the defense technology M&A market:
- Heightened demand across defense, intelligence, and civilian agencies for next-generation obfuscation, specialized multi-path zero-trust cybersecurity, managed attribution, and resilient edge-computing capabilities;
- Strong valuation multiples placed on middle-market federal technology contractors possessing proprietary intellectual property and prime positions on key government contract vehicles; and
- Continued aggressive pursuit of high-growth, mission-aligned technology platforms by private equity-backed strategic acquirers seeking to build scaled, full-lifecycle federal integrators.
About KippsDeSanto & Co.
KippsDeSanto & Co. is an investment banking firm focused on serving growth-oriented Aerospace / Defense, Government Services and Technology companies. We are focused on delivering exceptional M&A and Financing transaction results to our clients via leveraging our scale, creativity, and industry experience. We help market leaders realize their full strategic value. Having advised on over 250 industry transactions since 2008, KippsDeSanto is recognized for our analytical rigor, market insight, and broad industry relationships. There’s no substitute for experience. For more information, visit www.kippsdesanto.com.
Investment Banking products and services are offered through KippsDeSanto & Co., a non-bank subsidiary of Capital One, N.A., a wholly-owned subsidiary of Capital One Financial Corporation, and a member of FINRA and SIPC. Products and services are Not FDIC insured, Not Bank Guaranteed, May Lose Value, Not a Deposit, and Not Insured by Any Federal Government Agency.
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