Trump administration eases risks for banks on false lending claims

Reuters | October 29, 2019

The Trump administration said on Monday it would try to entice banks to offer more mortgages to low-income borrowers by reducing reliance on a Civil War-era law the Obama administration used in the wake of the subprime mortgage crisis to build bad-lending cases against big banks. The U.S. Housing and Urban Development (HUD) and Justice Departments announced they had struck an agreement wherein HUD would handle most enforcement of any violations of the 1863 False Claims Act, which the Justice Department had used to extract billions of dollars from banks.

Spotlight

This infographic looks at the Scottish Government’s policy and forecasts for 2017-18 for Income tax, Land and Buildings Transaction tax, and Landfill tax.

Spotlight

This infographic looks at the Scottish Government’s policy and forecasts for 2017-18 for Income tax, Land and Buildings Transaction tax, and Landfill tax.

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GOVERNMENT BUSINESS,CYBERSECURITY

QinetiQ US to Acquire Avantus Federal

Avantus Federal | August 08, 2022

QinetiQ US, a wholly owned subsidiary of QinetiQ Group plc and a leading defense company providing mission-critical solutions in robotics and autonomous systems, sensing, protection systems, and next-generation autonomous vehicles announced today that it has entered into a definitive agreement to acquire Avantus Federal (Avantus) from NewSpring Holdings for an enterprise value of $590 million. The combination of QinetiQ US and Avantus will create a powerful growth platform to address the complex and large scale intelligence and defense challenges government customers face today. The closing of the acquisition is subject to customary conditions, including regulatory approvals, and is expected to close by end of calendar year 2022. Avantus is a leading provider of mission-focused cyber, data analytics, and software development solutions to the Department of Defense, Intelligence Community, Department of Homeland Security, and other law enforcement and civilian agencies. From supporting sensitive national security customers on some of the most complex data engineering, cyber, and analytics problems in the world, to providing key mission operational, intelligence, and cyber support to special operators, and helping accelerate new technologies into the warfighter’s hands, Avantus has a strong track record of achieving speed-to-mission-impact. “We have been thoroughly impressed by the quality of the Avantus employee base, leadership team, customer impact, and the sustained organic growth. We see great alignment in our culture and strategy, Avantus’ highly integrated business, core capabilities, and customer relationships complement QinetiQ’s distinctive offerings, allowing us to grow the services and solutions that benefit our combined global customers as their needs evolve at an accelerating pace.” -Steve Wadey, Group Chief Executive Officer for QinetiQ Group plc. Both Avantus and QinetiQ are best-in-class providers of technology services and support, cyber and intelligence solutions, and information services. With high-trust, established customer relationships within the most important and enduring mission areas, this acquisition enhances the go-to-market strategy for both companies. “We believe that the combination of QinetiQ US and Avantus will create a unique business in the US and globally with a powerful performance culture and scaled technical differentiation, This acquisition is a transformational platform that delivers on our growth strategy of building a disruptive mid-tier defense and intelligence company.” -Shawn N. Purvis, President and Chief Executive Officer of QinetiQ US. Our market is evolving rapidly and demanding more of our customers every day, and joining forces with QinetiQ US will deliver solutions at scale to meet the moment, said Andy Maner, Chairman and Chief Executive Officer of Avantus. With a shared culture of absolute customer focus and employee investment and a structure built for agility and speed, this opportunity to combine with QinetiQ US strengthens our defense presence and combined position across our intelligence and homeland, law enforcement, and civilian portfolio, and we are poised to continue our joint mission as an innovator unique to our market. The combination with Avantus will materially enhance QinetiQ US’s position in the largest defence and intelligence market in the world by creating a large full solutions US Defense contractor business well-positioned within high growth and durable market areas. Avantus brings a strong order backlog, and the acquisition creates a compelling platform for new scaling organic and inorganic growth for QinetiQ in the US. Guggenheim Securities, LLC served as exclusive financial adviser to Avantus and NewSpring Holdings, and Baker Tilly provided financial due diligence expertise. Blank Rome LLP and Kirkland & Ellis LLP served as counsel to Avantus. Citizens and Gleacher Shacklock served as joint lead financial advisers and Baker McKenzie served as counsel to QinetiQ. About QinetiQ US: QinetiQ US is a leading defense and security company in the United States providing mission-led innovation at pace. QinetiQ US is a provider of technologically advanced services and products to the US Department of Defense and national security agencies, positioned to deliver key aspects of the modernization required to address our customers’ pivot to counter near peer adversaries. QinetiQ’s engineering services span the DoD and Intel community providing subject matter expertise in the areas of communications, sensor integration and research and development, survivability and unmanned ground combat systems. QinetiQ US operates as the U.S. arm of QinetiQ Group plc (QQ.LSE), a global integrated defense and security company focused on innovation for defense, security and civil customers around the world. QinetiQ US employees are based predominantly in Virginia and Massachusetts and operate under a Special Security Agreement (SSA) with the U.S. Defense Counterintelligence & Security Agency (DCSA). QinetiQ US is creating new ways of protecting what matters most; testing technologies, systems, and processes to make sure they work as expected; and enabling customers to deploy new and enhanced-existing capabilities with the assurance they will deliver the outcomes required. About Avantus Federal: Avantus Federal is a mission-focused data, cyber, and space services and solutions company. As a mid-market powerhouse with an intentional blend of elite talent, infrastructure, and speed to impact, Avantus and its approximately 1,150 highly-cleared professionals lead with technical and domain expertise for its Defense, Intelligence, Homeland Security, and Federal Civilian customers. Helping to solve some of the toughest national security problems and government missions, Avantus’ offerings enable services at scale, including cyber technologies and operations, data and software solutions, digital engineering and integration, intelligence analysis and operations, space domain capabilities, transformation and advisory services, and more. About NewSpring Holdings: NewSpring Holdings, NewSpring's dedicated holding company with a strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999, NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages over $2.5 billion across five distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries.

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EMERGING TECHNOLOGY,INFRASTRUCTURE,CYBERSECURITY

Optiv Canada Awarded First Enterprise Contract Under Federal Government's Cybersecurity Procurement Vehicle

Optiv | August 22, 2022

Optiv, the cyber advisory and solutions leader, today announced it has been awarded the first major enterprise contract under Shared Services Canada's (SSC) cybersecurity procurement vehicle (CSPV) for its network device authentication (NDA) solution, which aims to establish a collaborative environment to effectively manage device certificates across federal government IT infrastructure. Today's workforces and their devices are more distributed than ever, leading to a rapidly expanding threat landscape. Enterprises and governments alike must be able to proactively and jointly respond to emerging cyber threats, while also providing timely and appropriate access to trusted devices. The first of its kind, Optiv Canada's NDA solution is delivered in partnership with Venafi, the leader in securing machine identities, and Crypto4A, a next generation hybrid security platform, which manages the lifecycle of device keys for zero trust-based architectures. The combined offering allows Canada to move away from manual device management by leveraging automation to address the proliferation of interconnected devices. "It's estimated there will be nearly 1.5 million devices connected to the Government of Canada's infrastructure at any one time within the next four years. A manual approach to network access is unsustainable and opens everyone up to operational and security risks, Our NDA project provides a new set of infrastructure-wide solutions for device authentication, allowing for automated provisioning and the capacity to adapt without expensive hardware changes." -Optiv's Cheryl McGrath, area vice president and country general manager, Canada. The realities of digital transformation mean that every organization, including governmental agencies, are facing unprecedented growth in the number of machines on their networks, said Kevin Bocek, vice president, security strategy and threat intelligence at Venafi. With this decision, the Canadian Federal Government is demonstrating their commitment to their vision of a strong machine identity management strategy which is essential to the security of the systems that underpin our digital world. This vision is not possible without a strong network device authentication program which is the cornerstone of identity and security. "We thank both Optiv and Venafi for the opportunity to add value to the NDA solution. We believe new approaches to providing secure access, authentication and verification of machine identities are required for the opportunities and challenges of digital transformation in zero-trust environments." -John Scott, Chair and CEO of Crypto4A. With NDA, Canada is laying a secure foundation for zero trust, network access control, enhanced compliance and an improved user experience. Optiv and its partners are looking to deliver for the Government of Canada the same objective-driven outcomes it does for clients in any other vertical of business and IT operations. Optiv Security: Secure greatnessTM Optiv is the cyber advisory and solutions leader, delivering strategic and technical expertise to more than 7,000 companies across every major industry. We partner with organizations to advise, deploy and operate complete cybersecurity programs from strategy and managed security services to risk, integration and technology solutions. With clients at the center of our unmatched ecosystem of people, products, partners and programs, we accelerate business progress like no other company can. At Optiv, we manage cyber risk so you can secure your full potential.

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CYBERSECURITY

Quick Heal joins forces with RevBits to strengthen its cybersecurity portfolio

Quick Heal Technologies Ltd | August 16, 2022

Quick Heal Technologies, a leader in the cybersecurity space, has collaborated with RevBits to address the advanced protection need for an on-premise infrastructure of government organisations. The partnership will help Quick Heal enhance its Seqrite product portfolio while enabling RevBits to expand its market presence in India. The association also aims to help government organizations that prefer to run their critical systems on-premise rather than in the cloud, thereby ensuring that they operate safely and seamlessly without the fear of cyberattacks. "We are delighted to partner with a leading cybersecurity solution provider like RevBits, well-known for its unique three-phase detection method that can protect businesses even from the most sophisticated attacks. It also complements our existing suite of Seqrite security solutions and will help us further strengthen our Seqrite product portfolio to offer the best cybersecurity solutions to our customers. At Quick Heal, we strive to innovate ourselves in sync with the ever-evolving threat landscape and devise solutions that exactly fit this purpose. We will continue collaborating with more such players to augment our products and services, cementing a leadership presence in the market today, tomorrow and beyond." -Dr. Sanjay Katkar, Joint MD & CTO, Quick Heal Technologies Ltd. David Schiffer, CEO, RevBits, said, We are extremely proud to be selected by a company with the size and reputation of Quick Heal. They are the leading EPS provider in India with 80% of the market share, and their solutions are available in more than 40 countries through international offices and thousands of channel partners. The combination of RevBits technology and the reputation and market coverage of Quick Heal Technologies will definitely prove to be a winning combination. Conservative projections point to additional revenue for RevBits of over $10 million ARR over the next three years, with large upside potential. About RevBits: Established in 2018, RevBits is a comprehensive cybersecurity company dedicated to providing customers with superior protection and service. RevBits delivers protection against the most sophisticated cyber threats companies face by offering multiple advanced security capabilities that can be administered through a unified security platform. RevBits is headquartered in Mineola, NY, with offices in Princeton, NJ, Boston, MA, London (England), and Antwerp (Belgium). About Quick Heal Technologies Ltd: Quick Heal Technologies Ltd. (Formerly Known as Quick Heal Technologies Pvt. Ltd.) is a leading IT security solutions company. Each Quick Heal product is designed to simplify IT security management across the length and depth of devices and on multiple platforms. They are customized to suit consumers, small businesses, government establishments and corporate houses. Over a span of 26 years, the company's R&D has focused on computer and network security solutions. The current portfolio of cloud-based security and advanced machine learning-enabled solutions stops threats, attacks and malicious traffic before it strikes. This considerably reduces the system resource usage. The security solutions are indigenously developed in India. Quick Heal Antivirus Solutions, Quick Heal Scan Engine, and the entire range of Quick Heal products are proprietary items of Quick Heal Technologies Ltd.

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