An Arlington-based government IT firm is now owned by its employees, with Phacil Inc. distributing ownership shares to its 850 employees near the end of 2016.
The company set up the employee stock ownership plan (ESOP) Dec. 28. Financial details of the ESOP were not disclosed, but I spoke with company executives Monday who explained to me what led to the ownership structure.
“Phacil has been a very inclusive company and very diverse organization,” said CFO Mehdi Cherqaoui, who added that the company has a “very strong culture” that is “very family-oriented.”
“It was somewhat of a natural progression for Phacil, given our history, legacy and culture,” he added.
Rafael Collado and Sascha Mornell, who co-founded Phacil in 2001, co-owned the company until the creation of the ESOP. They are no longer active in management or ownership.
“The former owners were serial entrepreneurs,” CEO Tom Shoemaker told me. “They have been active in the business in the early days but…Read the full story from the Washington Business Journal.