Cubic Corporation has a deal in place to acquire Abraxas at a price of $124 million.
Virginia-based Abraxas specializes in “risk mitigation and subject matter and operational expertise for national security, law enforcement and homeland security clients.”
“Abraxas will be the cornerstone of an expanded Cubic presence in the national security and cyber security sectors, ” said John D. Thomas, VP of Finance and Corporate Development at Cubic Corporation. “In 2009, it had revenues of approximately $60 million and Cubic expects this to be accretive to earnings.”
While the transaction marks a new beginning for Abraxas, it also makes a pleasant final chapter to the career of founder Hollis Helms.
Helms, a 30-year CIA veteran, founded the firm in the wake of 9/11 and has become one of the great entrepreneurial government contracting success stories of the last decade.
The deal is scheduled to close next month.