McLean, Virginia-based IronNet Cybersecurity is considering merging with special purpose acquisition company LGL Systems and a transaction between the two parties could give the combined entity an estimated value of $1.2 billion, Bloomberg reported Wednesday.
Bloomberg cited unnamed sources saying Reno, Nevada-based LGL seeks to raise equity funding for a potential combination deal that would take IronNet public.
LGL’s initial public offering in November 2019 raised $172.5 million at $10 apiece. The blank check company noted it is eyeing businesses that develop offerings for defense and commercial use.
Keith Alexader, a retired U.S. Army general, established IronNet in 2014 with the intent to help government and enterprise customers secure networks from cyber threats.