CSRA Inks $235M Cash Deal for Praxis Engineering in Intell Market Push

CSRA (NYSE: CSRA) has agreed to purchase Annapolis Junction, Maryland-based Praxis Engineering Technologies for approximately $235 million in cash in a move to expand its capabilities in mission applications development and broaden its market presence in the intelligence community.

Both companies expect to complete the acquisition by the third quarter of CSRA’s fiscal year 2017 that ends on Dec. 29, subject to antitrust approval under the Hart-Scott-Rodino Act and other customary closing conditions, CSRA said Tuesday.

Larry Prior, CSRA president and CEO, said the transaction would help CSRA support clients in their mission application modernization efforts.

CSRA is expected to absorb at least 350 Praxis employees and operate the company as a wholly owned subsidiary upon the deal’s closure.

Holland & Knight LLP and BDO USA LLP respectively serve as external legal counsel and accounting adviser to CSRA.

Houlihan Lokey and Venable LLP respectively act as financial adviser and external legal counsel to Praxis, while Chesapeake Corporate Advisors serve as adviser to Praxis Engineering Holding’s stockholders in this transaction.

Founded in 2002, Praxis is a consulting firm that focuses on the application of systems engineering and software platforms and provides agile program management, technical training and other information technology support services to IC customers.

Check Also

METECS

MacLean Engineering Books $100M NASA Simulation Support Contract

MacLean Engineering & Applied Technologies has secured a potential five-year, $100M contract to help NASA develop integrate, validate, analyze, document, maintain and troubleshoot a Trick-based simulation environment.

Battelle

Battelle Gets $140M SOCOM Contract to Build Nonstandard Commercial Vehicle

Battelle has been awarded a $140M contract modification to produce another nonstandard commercial vehicle platform for U.S. Special Operations Command to address an “emergent” requirement.