Defense and government technology private equity firm

Sagewind Capital

At a glance

EBITDA range$5M to $40M S2
Check size$10M to $150M S2
Deal typesPlatform, Add-on S9
SectorsIT Services & MSP, Software & SaaS

What Sagewind Capital buys

Sagewind is a New York firm, founded in 2015 with a second office in Washington, D.C., that invests only in defense and government technology. Its companies sell software, engineering, simulation, cyber and IT services to the Defense Department, intelligence agencies and federal civilian agencies. Current holdings include By Light, Tria Federal, Sigma Defense and Sabel Systems, and the firm added Visionist in October 2026.

It writes equity checks of $10 million to $150 million into companies with $5 million to $40 million of EBITDA and plans to hold them for five to ten years. Its two most recent platform deals, Sabel Systems and Aechelon Technology, were majority investments. Its money comes mostly from family offices, which lets it stay invested longer than a typical fund, and each platform grows through add-ons. Smaller contractors are most likely to meet Sagewind as an add-on, as Dignitas Technologies did when it joined By Light in February 2026.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
October 2026VisionistSoftware, signals analysis and cyber operations contractor for the intelligence community and Defense Department, based in Columbia, MarylandInvestmentIT Services & MSPSource
June 2026Shield AIMaker of AI pilot software and autonomous aircraft, listed as a current investment from June 2026InvestmentSoftware & SaaSSource
Mar 2026Aechelon TechnologyAgreement to sell the flight simulation software maker to Shield AI, about 16 months after investingExitSoftware & SaaSSource
Feb 2026Dignitas TechnologiesOrlando modeling, simulation and training software firm added to By LightAdd-onIT Services & MSPSource
Jan 2026CentilDevSecOps and space systems engineering firm, Sabel Systems' second acquisition under SagewindAdd-onIT Services & MSPSource
Oct 2025Aries DefenseTactical video and sensor networking products for drones and remote sensors, added to Sigma DefenseAdd-onSource
Dec 2024Compro Computer Services radar simulation divisionDallas radar simulation unit and its Radar Toolkit software added to AechelonAdd-onSoftware & SaaSSource
Nov 2024Aechelon TechnologyMajority investment in the San Francisco flight simulator imagery software maker, Sagewind's eighth government technology platformPlatformSoftware & SaaSSource
Nov 2024SoftramsFederal digital services firm with about 650 technologists, mainly serving CMS, added to Tria FederalAdd-onIT Services & MSPSource
Nov 2024Sabel SystemsMajority investment in the Dayton, Ohio digital engineering provider to the Defense DepartmentPlatformIT Services & MSPSource

Portfolio by sector

From the firm's portfolio page S4.

IT Services & MSP

  • By Light Professional IT Services Current
  • Sabel Systems Current
  • Sigma Defense Current
  • Tria Federal Current
  • Visionist Current

Software & SaaS

  • Shield AI Current
  • The Athene Group (Skience) Current

Past investments: Aechelon Technology, Axient, Corfin Industries, Voyatek

Greymont’s take

How Sagewind Capital fits a seller

Sagewind suits owners of government IT, engineering, simulation and defense software businesses who want a buyer that knows federal contracting and is in no hurry to resell. It says it will hold a company for three years or ten, and it keeps building platforms for a long time: it bought By Light in 2017 and Tria in 2021, and both were still adding companies in 2024 and 2026.

A sale usually means Sagewind takes a majority stake while the founders keep running the business, as By Light's founder still does as CEO, with acquisitions layered on top. For a smaller contractor, the likelier path is a sale to one of its platforms. Owners should ask how their contracts and clearances carry over under new ownership and what the exit could look like. Sagewind can also sell quickly when the right buyer appears: it agreed to sell Aechelon to Shield AI about 16 months after investing.

Questions owners ask

Does Sagewind invest in government IT contractors?

Yes, that is its whole focus. Its holdings include Tria Federal, which provides IT and advisory work to federal health agencies, and By Light, which provides IT, cloud, cyber and simulation work to the Defense Department and other agencies.

How large does a company need to be for Sagewind?

Its stated criteria are $5 million to $40 million of EBITDA and equity investments of $10 million to $150 million. Smaller firms have joined as add-ons instead, such as Centil, which joined Sabel Systems in January 2026.

How long does Sagewind hold its companies?

It targets a holding period of five to ten years and says its investors, mostly family offices, support that patient approach. It has owned By Light since May 2017 and Sigma Defense since December 2020.

Sources

  1. S1Sagewind Capital home page Accessed October 26, 2026
  2. S2Sagewind Capital: Strategy (investment criteria) Accessed October 26, 2026
  3. S3Sagewind Capital: Firm Accessed October 26, 2026
  4. S4Sagewind Capital: Investments (current and past filters) Accessed October 26, 2026
  5. S5Sagewind Capital: News Accessed October 26, 2026
  6. S6Sagewind Announces Sale of Aechelon Technology to Shield AI (March 26, 2026) Accessed October 26, 2026
  7. S7By Light Acquires Dignitas Technologies (February 10, 2026) Accessed October 26, 2026
  8. S8Sagewind Capital Partners with Sabel Systems (November 6, 2024) Accessed October 26, 2026
  9. S9Sagewind Announces Majority Investment in Aechelon Technology (November 25, 2024) Accessed October 26, 2026
  10. S10Sagewind: Visionist investment page (current, October 2026) Accessed October 26, 2026
  11. S11Sagewind: Shield AI investment page (current, June 2026) Accessed October 26, 2026
  12. S12Sagewind: By Light investment page (current, May 2017) Accessed October 26, 2026
  13. S13Sagewind: Voyatek investment page Accessed October 26, 2026
  14. S14Tria Federal Acquires Softrams (November 12, 2024) Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Sagewind Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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