08/05/2019

Citizens Commercial Banking leads new financing for Octo’s acquisition of Connexta

PROVIDENCE, RI – Citizens Commercial Banking led new financing for Octo, a Reston, Va.-based provider of next-generation solutions for the federal market, that was used to acquire Connexta, a Phoenix, Ariz.-based leader in open source software development and secure discovery solutions for government and commercial customers. Citizens served as Lead Arranger.

Octo has more than 13 years of experience developing mission-critical solutions for the federal government across healthcare, national security, civilian and defense agencies. With this acquisition, Octo significantly bolstered its client base in the Department of Defense and the intelligence community, particularly the Air Force and its innovative software labs. Following the acquisition, Octo now offers nearly 700 technologists to support and accelerate modernization efforts across its entire public sector customer base.

“Citizens bankers are trusted partners who bring great ideas and they were able to provide a financing solution that made this key acquisition possible,” said Mehul Sanghani, Chief Executive Officer of Octo.  “The industry expertise of Dillon Bowles, Dan Darnell, Dan Laurenzi and the entire Citizens team helped us complete this transformative deal seamlessly.” 

“At Citizens, we think about the needs of our clients like Octo from their point of view and offer holistic solutions,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals. “Providing acquisition financing is just one of the ways that Citizens delivers substantial value for our clients as they grow and during every stage of their business life cycle.” 

The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential. 

For more information, please go to the Citizens Commercial Banking website. 

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on TwitterLinkedIn or Facebook.