Report: IronNet, LGL Systems Mull Potential $1.2B Merger

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.

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