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Chesterfield fintech Paymerang to be acquired for $475M
Chesterfield County-based payment and invoice automation company Paymerang has signed a definitive agreement to be acquired by Atlanta-based corporate payments processor Corpay for $475 million, according to an SEC filing by Corpay and a news release. The transaction is expected to close in the second quarter of the year, subjec[...]
VTG awarded $130M defense contract
VTG, a Chantilly-based engineering firm, has been awarded a five-year, $130 million contract by the Naval Sea Systems Command (NAVSEA) Integrated Warfare Systems Engineering Group, the company announced Tuesday. The contract is to provide end-to-end engineering services, spectrum management and test and evaluation support for Na[...]
Sterling drone-jamming firm to be acquired by Taser maker Axon
Dedrone, a Sterling-based maker of drone-jamming and detection devices, has reached an agreement to be acquired by Scottsdale, Arizona-based Taser manufacturer Axon Enterprise. The transaction is expected to close in the second half of 2024, the companies announced Monday, and terms of the deal were not disclosed. Dedrone’[...]
Burke & Herbert completes merger
Alexandria-based Burke & Herbert Financial Services has completed a merger with West Virginia’s Summit Financial Group, the company announced May 3. The $371.5 million deal, first announced in August 2024, created a bank holding company with more than $8 billion in assets. The combined company will have more than 75 bran[...]
Leidos wins $631M Army contract
Leidos has received a $631 million U.S. Army contract for life-cycle support of aerial sensors, the Reston-based Fortune 500 contractor announced Tuesday. Under the Development, Integration, Acquisitions, Bridging to Logistics and Operations (DIABLO) contract, the company will provide equipment for the next 10 years. Leidos will[...]
Leidos receives potential $206M NGA contract
Leidos has won a contract valued up to $206 million from the National Geospatial-Intelligence Agency, the Reston-based Fortune 500 contractor announced Wednesday. Under the single-award, indefinite-delivery, indefinite-quantity contract, dubbed Maru, Leidos will sustain and modernize geospatial processing for the NGA’s Exploit[...]
EY taps 14 Virginians as Mid-Atlantic Entrepreneur of the Year finalists
Fourteen Virginia business leaders are among the 30 finalists for Ernst & Young’s 2024 Mid-Atlantic Entrepreneur of the Year award. EY announced the finalists, selected by a panel of independent judges, on April 22. The Big Four professional services company will name the regional awards winners on June 15. The Virginia fi[...]
Montgomery manufacturer to invest $1.6M to increase capacity
ESS Technologies, which specializes in packaging line design, equipment manufacturing and integration for the pharmaceutical, nutraceutical, cosmetic and consumer packaging goods industries, will invest $1.6 million to increase capacity at a new facility in Montgomery County, Gov. Glenn Youngkin announced Wednesday. The new facility will be located in the former Jeld-Wen building on Scattergood Drive in Christiansburg, according[...]
Chartway Credit Union names new CFO
Virginia Beach-based Chartway Credit Union has hired Sander Casino as its chief financial officer, the credit union announced Wednesday. Casino was most recently senior vice president of finance for Raleigh, North Carolina-based Local Government Federal Credit Union and its affiliate Civic Credit Union. Before joining LGFCU in 2[...]
Boeing CEO to step down by end of year
In late March, Boeing President and CEO Dave Calhoun said he would step down by the end of the year. The announcement came amid ongoing bad press over production problems and fallout from a high-profile January incident in which a 4-foot wall panel blew out of a Boeing 737 Max 9 jet cabin in mid-air. […]
Clear waters
After receiving its final federal approvals in January, Dominion Energy’s $9.8 billion Coastal Virginia Offshore Wind project remains on track for completion in late 2026, at which point the 2.6-gigawatt project could power up to 660,000 homes. “CVOW is on budget, on time, and we’re gearing up for construction and excited [...]
The Lake takes shape in Chesterfield
The first wave of commercial tenants is coming to The Lake, a long-planned, 105-acre mixed-use development that’s slated to bring a surf park to western Chesterfield County. The Lake’s centerpiece will be a 13-acre artificial lake with a tow cable. It’s expected to be ready by summer 2025 for wakeboarding, kayaking, standu[...]
