Reston-based NCI to be acquired, following executive embezzlement case

WASHINGTON — Reston-based government IT contractor NCI Inc., which fired a top executive this year for embezzling millions of dollars in company money, will be acquired by private investor HIG Capital for $283 million.

The acquisition is expected to close in the third quarter of this year.

NCI, which designs, installs and runs IT systems and networks for government agencies, gets about 75 percent of its business from defense and intelligence work, including the Army, Air Force and National Guard.

It has more than 2,000 employees at more than 100 locations, including several hundred employees in the Washington area.

Former NCI controller Jon Frank was dismissed in January after an internal investigation discovered more than $19 million had been diverted by Frank.

NCI is attempting to recover misappropriated funds. The Fairfax County Circuit Court froze Frank’s assets in February.

Frank, 48, pleaded guilty to embezzling $19.3 million from NCI between 2007 and 2017 and faces up to 20 years in prison. He will be sentenced Sept. 8.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up