Author: Jane Edwards|| Date Published: November 21, 2019
Bradley Feldmann
Cubic (NYSE: CUB) has exercised an option in a purchase agreement to acquire the remaining 80 percent stake in Herndon, Va.-based commercial software firm Pixia for approximately $200M.
Cubic said Wednesday it expects the all-cash transaction to conclude by February 2020 and will use borrowings under its existing credit facilities to fund the deal.
Pixia offers cloud-based platforms designed to access and manage large amounts of imagery data, wide-area motion imagery and geospatial data for U.S. intelligence agencies and other government customers.
Bradley Feldmann, chairman, president and CEO of Cubic, said Pixia builds up the company™s command, control, intelligence, surveillance and reconnaissance digital platform and battlefield cloud strategy. He added that the combined firm will offer best-in-class platforms to help the intelligence community address big data challenges.
In August, Cubic announced that it acquired a 20 percent stake in Pixia for $50M in cash to expand the portfolio of its mission solutions business.
Cubic Mission Solutions saw its sales rise 32 percent to $125.5M during the fourth quarter of fiscal 2019 and posted a 59 percent increase in full-year sales, demonstrating growth from all product lines, specifically secure network products and expeditionary satellite communications.
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