FLIR Systems Acquires Prox Dynamics
FLIR Systems Inc. announced that it has acquires Oslo, Norway-based Prox Dynamics AS for $134 million in cash. Prox Dynamics is a developer and manufacturer of nano-class helicopter unmanned aerial systems for use in military, para-military, surveillance, and reconnaissance applications. The company's Black Hornet Personal Reconnaissance Systems is a pocket sized aerial helicopter that utilizes FLIR's Lepton micro thermal camera and at less than one ounce, is one of the lightest and stealthiest drones on the market.
Cubic Acquires Vocality International
Cubic Corporation announced that it has acquired UK-based Vocality International for $10 million. Vocality provides embedded technology that unifies communication platforms enabling its business, government and military customers to communicate securely using legacy systems with the latest wireless and cellular networks. The company is an existing partner of Cubic's subsidiary DTECH and the acquisition is expected to enhance Cubic's delivery capabilities on key programs of record.
Booz Allen Hamilton to Acquire Aquilent
Booz Allen Hamilton announced that it has agreed to acquire digital services firm eGov Holdings Inc. (dba Aquilent) for a purchase price of $250 million. Aquilent is an architect of .gov solutions for the Federal government and provides digital, agile, DevOps and cloud capabilities to customers including the Department of Health and Human Services, US Postal Services, and GSA. The company has grown significantly at a 28 percent CAGR over the last few years and its expected to add between $30 million to $35 million in revenue to the rest of Booz Allen's fiscal year, which suggests an annual revenue of approximately $120 million to $140 million.
An interesting historical tidbit: Aquilent was originally acquired from Commerce One after the dot-com bubble in the early 2000's.
The transaction is expected to close by December 31, 2016. Houlihan Lokey served as the financial advisor to Aquilent.
L-3 Acquires MacDonald Humfrey
L-3 Communications announced that it has acquired UK-based MacDonald Humfrey (Automation) Ltd. for a purchase price of $280 million plus an earnout of up to $37.5 million subject to its performance during calendar years 2017 to 2019. MacDonald Humfrey deploys aviation checkpoint security solutions and develops automation and collaborative robotic capabilities in the aviation and adjacent markets. The company has 350 employees and is projected to generate revenues of approximately $135 million in calendar year 2017 and EBITDA of approximately $28 million (based on a stated EBITDA multiple of 10 times). MacDonald Humfrey will operate as part of the L-3 Security & Detection Systems division which is part of the company's Electronic Systems business segment.
DigitalGlobe Closes Radiant Group Deal
Nehemiah Security Acquires Siege Techologies
Cybersecurity firm Nehemiah Security announced that it has acquired Siege Technologies, a provider of offensive and defensive cybersecurity solutions and services to clients in various markets including software, insurance, entertainment, and government. An example of Siege's capabilities is its threat quantification engine which replicates a network configuration within minutes and mathematically predicts the effects of offensive and defensive cyber operations. Siege Technologies is Nehemiah's fourth cybersecurity-focused acquisition since 2015. Deal terms were not disclosed.
Arlington Capital Partners announced that it has formed Polaris Alpha, a provider of mission-critical technology, software, and solutions to customers in the defense and intelligence communities. The companies merged include Arlington portfolio company EOIR Technologies, Intelligent Software Solutions, and PROTEUS Technologies. The combined company will have over 1,100 employees and projected 2017 revenue of over $250 million. Deal terms were not disclosed.
Motorola Solutions announced that it has completed its acquisition of Spillman Technologies, a provider of law enforcement and public safety software solutions for computer-aided dispatch and records management systems. Based in Salt Lake City, Spillman provides its solutions to over 1,700 government agencies throughout the US. Deal terms were not disclosed.
National Response Corporation (NRC), a portfolio company of J.F. Lehman & Company announced that it has acquired Boom Technology Inc., a provider of specialty environmental, emergency response and industrial services. Deal terms were not disclosed.
FLIR Systems Inc. announced that it has completed its acquisition of Point Grey Research Inc. for $259 million in cash, or an enterprise value of $256 million. Point Grey Research provides advanced visible imaging cameras and solutions used in industrial automation systems, medical diagnostic equipment, people counting systems, intelligent traffic systems, military and defense products, and advanced mapping systems. The business will be renamed Integrated Imaging Solutions and projected to be $0.01 dilutive to 2016 earnings but accretive in 2017.
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