Houlihan Lokey Advises Tria Federal

Houlihan Lokey is pleased to announce the successful placement of a senior secured credit facility for Tria Federal (Tria), a portfolio company of Sagewind Capital LLC (Sagewind). Proceeds from the transaction were used to finance Tria’s acquisition of Softrams, refinance existing indebtedness, and pay transaction-related fees and expenses. The transaction closed on November 8, 2024.

Tria is the premier middle-market technology and advisory services provider delivering mission-critical digital transformation solutions to health and public safety agencies across the federal sector. Founded in 2023 through the integration of three businesses under Sagewind, Tria has deep expertise in revenue cycle management, electronic health record modernization, and advanced data analytics.

Founded in 2007, Softrams is a leading technology firm specializing in human-centered digital services and system modernization for federal agencies. Softrams’ largest customer is the Centers for Medicare & Medicaid Services (CMS). It also supports agencies such as the Department of Homeland Security (DHS), Department of Defense (DOD), and Department of Labor (DOL). The company has developed a strong reputation for driving innovation and modernization while maintaining performance during periods of transition.

The combination addresses the growing demand for integrated technology and advisory solutions across the federal sector. The merger creates a scaled, vertically integrated provider of technology and advisory capabilities serving critical missions across federal health as well as public safety customers spanning the federal government. The combined organization also brings together deep subject-matter expertise in mission-critical systems, agile engineering, cloud services, and comprehensive data management and analytics to serve agencies such as the Department of Veterans Affairs (VA), Defense Health Agency (DHA), CMS, DOD, and DHS. The new Tria will have more than 1,500 employees supporting customers in 20+ federal agencies.

Founded in 2015, Sagewind is a public-sector-focused, middle-market private equity firm with flexible capital. Sagewind has completed eight platform investments across multiple targeted sectors and more than 20 add-on investments for its government services portfolio.

Houlihan Lokey’s Capital Markets Group served as an exclusive placement agent to Tria, assisting the company in arranging, structuring, and negotiating the financing. The transaction highlights Houlihan Lokey’s ability to leverage its senior relationships with capital providers to deliver favorable outcomes for its clients. Houlihan Lokey ran an efficient process, resulting in an oversubscription to raise the requisite amount of financing to support the acquisition.

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