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Reston contractor to acquire Azure Summit Technology in all-cash deal
Beth JoJack //September 16, 2024//
Reston contractor to acquire Azure Summit Technology in all-cash deal
Beth JoJack// September 16, 2024//
CACI International has entered into a $1.275 billion definitive agreement to acquire Azure Summit Technology, the Reston-based Fortune 1000 government contractor announced Monday.
Based in Fairfax and founded in 2007, Azure Summit develops high-performance radio frequency (RF) hardware and software for the U.S. Department of Defense.
Pending regulatory approval, the all-cash deal is expected to close in the second quarter of FY 2025.
The purchase expands CACI’s offerings in intelligence, surveillance and reconnaissance, electronic warfare and signals intelligence, CACI President and CEO John Mengucci explained in a statement.
“For our shareholders, the acquisition of Azure Summit is compelling both strategically and financially,” Mengucci stated. “It not only enhances our offerings in areas of enduring national security priorities but also brings with it an installed base of fielded, mature technology. And, from a financial standpoint, it will be immediately accretive across multiple financial metrics.”
Founded in 1962, CACI has 24,000 employees and reported $7.7 billion in fiscal 2024 revenue.
