Information Analysis Appoints Technology Industry Leader
FAIRFAX, Va., Aug. 26, 2021 (GLOBE NEWSWIRE) — Information Analysis Incorporated (OTCQB: IAIC) (“IAI”) today announced the appointment of Jamie Benoit as its Chairman of the Board and Chief Executive Officer effective August 26, 2021. Mr. Benoit brings to IAI an impressive track record delivering impressive shareholder returns. Under his leadership and through acquisitive and organic growth, Benoit will aggressively strive to reposition the company as a disruptive technology and commercial enablement leader in government and global private sector verticals. Benoit comes to IAI as a CEO with deep experience in private equity and corporate finance as well as distinguished service in the military, civilian government, and elected office. Mr. Benoit will work alongside former CEO Stan Reese, who will remain President and continue to manage operations at IAI.
Prior to joining IAI, Mr. Benoit spent much of his career devoted to the defense and intelligence operations of the United States. For over a decade, he served as Chief Executive Officer of FedData, a technology products and services firm focused on mission support in the intelligence community and DoD. FedData continues to deliver innovative hardware, data transport, software engineering, and computer network operations solutions through several prime contracts with various organizations.
Mr. Benoit led FedData through the acquisition of three different companies and through a sale in 2018 that delivered an 80%+ IRR to FedData’s initial private equity partners and employee shareholders. He subsequently delivered nearly 50% EBITDA growth in 18 months to his new private equity partners prior to leaving the company in 2019. During his tenure he led the company through a complicated integration and retained 90%+ of the acquired company workforce.
Mr. Benoit possesses a unique blend of corporate, legal, military and government experience. Prior to his tenure at FedData he served as an officer in the U.S. Army during the 1990s and subsequently served as an appellate law clerk and practiced law at several national law firms. He has expertise in in corporate formation, mergers and acquisitions, banking, and finance, and routinely applies those skills leading and enabling government and commercial organizations. Mr. Benoit was also twice elected to the Council of Anne Arundel County, Maryland and served from 2006 to 2014.
Mr. Benoit is a graduate of Georgetown University Law Center, the University of Baltimore, and St. Mary’s College of Maryland.
Board and Management Commentary
Mark T. Krial, outgoing Chairman, noted, “Over the past year, our Board and executive team have worked to position IAI to take advantage of the rapidly evolving cybersecurity and modernization markets. IAI began its transformation in April 2021 with its acquisition and integration of Tellenger, Inc. We were fortunate to find a partner and exceptional leader in Jamie Benoit that can quickly accelerate our growth. His understanding of new markets and his visibility into unique acquisition opportunities are attuned to, and aligned with, the Company’s transformation strategy. I am proud to have led IAI as Chairman to get us to this point, and I am equally excited to remain on the Board to be a part of this next chapter under Jamie’s leadership.”
Mr. Benoit stated, “IAI has offered best-in-class systems modernization government services and has been a stable presence in the public markets for over a quarter-century. Its workforce offers the perfect blend of entrepreneurial spirit and technical skills to enable the Board’s and leadership team’s vision for the future. I look forward to building on the services we provide to our government partners, helping find new ways to solve hard problems, acquiring new capabilities, rapidly repositioning the business in the public markets and expanding our products and services to commercial enterprises.”
Stan Reese, President, noted, “I am delighted that Jamie is joining IAI and look forward to working together. His deep experience across markets where IAI operates will enable him to work seamlessly with our customers and rapidly grow our business.”
About Information Analysis Incorporated
Information Analysis Incorporated (www.infoa.com), headquartered in Fairfax, Virginia, is an information technology products and services company. The Company specializes in software conversions, systems modernization and security.
Additional information for investors
This release may contain forward-looking statements regarding the Company’s business, customer prospects, or other factors that may affect future earnings or financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in the forward-looking statements. Investors should read and understand the risk factors detailed in the Company’s 10-K for the fiscal year ended December 31, 2020 and in other filings with the Securities and Exchange Commission.
For additional information contact:
Jeremy Hellman, CFA
The Equity Group Inc.
Matt Sands, CFO