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RTX to sell cyber, intelligence biz for $1.3B amid Q3 slump
RTX has agreed to sell its cybersecurity, intelligence and services business segment for about $1.3 billion and announced a $10 billion stock buyback program Tuesday as it seeks to recover from a manufacturing quality issue in a jetliner engine that has plagued the Arlington County-based Fortune 500 defense and aerospace contrac[...]
Urgent.ly merges with Israeli company, goes public
Vienna-based roadside assistance tech company Urgent.ly has merged with Israel-based Otonomo Technologies, another vehicle technology business, and the combined company publicly listed its stock on Nasdaq on Oct. 19. The all-stock acquisition — a reverse merger allowing the combined business to go public, as an alternative to a traditional initial public offering — was first […]
DroneUp promotes chief growth officer
Virginia Beach-based DroneUp has promoted Rishap “Rish” Malhotra to be its growth officer, a newly created position at the autonomous drone delivery company. Malhotra had been DroneUp’s senior vice president of corporate development, and heading up the company’s mergers and acquisitions will be part of his new job, which the company announced Thursday. He will […]
MindPetal to acquire VerticalApps
Vienna-based government contractor MindPetal has entered into an agreement to purchase Arlington County-based IT firm VerticalApps, the companies announced Tuesday. Financial details of the transaction were not disclosed. MindPetal and VerticalApps hope to become “a premier [artificial intelligence/machine learning] firm b[...]
Jefferson Lab to lead $300M data hub
The Thomas Jefferson National Accelerator Facility will lead a $300 million to $500 million data science computing hub that will make scientific data more accessible to sciences nationwide, the U.S. Department of Energy announced Monday. Known as the High Performance Data Facility hub (HPDF), the project will be based at the N[...]
Ellucian to buy UK software company for $210M
Reston-based higher education software company Ellucian has agreed to buy United Kingdom-based Tribal Group, which also provides education services software, in an all-cash deal that values the company at up to $210 million. The deal was announced Thursday and Ellucian said in a news release that the offer was unanimously recomm[...]
RVA757 Connects releases plan for global internet hub
RVA757 Connects, a nonprofit focused on regional cooperation for economic development in Richmond and Hampton Roads, released on Thursday its 10-point strategic plan for transforming the “megaregion” into the next global internet hub. Virginia is already home to the world’s largest internet hub in Loudoun County’[...]
Northrop Grumman lands $705M missile contract
Falls Church-based aerospace contractor Northrop Grumman will develop and test the Air Force’s new air-to-surface missile under a $705 million contract. Under the contract, announced Monday by the Air Force and the Fortune 500 contractor, the company will develop, integrate and complete flight testing and rapid prototyping[...]
Arlington drone company closes deal on AI robotics co.
Arlington County-based AeroVironment, a defense contractor that manufactures unmanned aircraft, has completed its $120 million acquisition of Melbourne, Florida-based Tomahawk Robotics, the company announced Sept. 18. Tomahawk develops AI-enabled robotic control and integrated communications systems, including its flagship syste[...]
Youngkin signs executive directive on AI
Gov. Glenn Youngkin has signed an executive directive around artificial intelligence, instructing the state government to establish use standards and identify opportunities for the government to use AI technologies. Executive Directive No. 5, announced by the governor’s office late Wednesday, directs the Office of Regulato[...]
Data centers added $54.2B to Va. GDP over five years
The data center industry contributed $54.2 billion to Virginia’s gross domestic product from 2017 to 2021, according to a PricewaterhouseCoopers study released Tuesday. That calculation includes indirect impacts from other businesses as part of the data center industry supply chain and induced impacts resulting from househ[...]
Va. trade office opens in Taiwan
Virginia has opened its trade office in Taiwan. Announced in April, the office is Virginia’s fourth international trade office and follows Youngkin’s meeting with Taiwan’s president, Tsai Ing-wen, during the governor’s first international trade mission. Virginia Secretary of Commerce and Trade Caren Merri[...]
