- REDLattice has agreed to a Bold Eagle business combination
- The deal values REDLattice at $1.25 billion
- The 2026 FedCiv Summit will explore AI, shared services and more
Cyber intelligence company REDLattice has agreed to merge with Bold Eagle Acquisition, a special purpose acquisition company, in a transaction that would make REDLattice a publicly traded company.
As REDLattice moves to raise capital to expand its cyber intelligence offerings for government customers, federal agencies continue to assess how artificial intelligence is changing cyber operations. Government and industry leaders will explore these and other priorities at the 2026 FedCiv Summit on Oct. 29, with discussions on federal IT modernization, trusted information sharing, shared services, digital labor and more. Reserve your seat now!
In a joint release published Monday, the companies said the boards of both REDLattice and Bold Eagle have unanimously backed the deal, which is slated to close near the end of 2026. The deal’s completion depends on approval from Bold Eagle shareholders, an effective registration statement with the Securities and Exchange Commission and other standard closing requirements.
REDLattice plans to apply the proceeds toward retiring its current debt and covering the last cash earnout tied to its earlier purchase of Paragon Solutions. The company expects any funds left over to supply working capital for organic growth, new products and acquisitions.
What Are the Details of the Transaction?
The agreement places REDLattice’s pre-money enterprise value at $1.25 billion. The deal could generate up to about $610 million in gross proceeds, combining $335 million in committed capital from new and existing mutual fund and institutional investors with as much as roughly $275 million held in Bold Eagle’s trust account, assuming no shareholders redeem their shares.
The committed capital includes $275 million in convertible notes anchored by Loomis Sayles, which carry a 4 percent coupon and a fixed conversion price of $12.50. The remaining $60 million is a common stock private investment in public equity at $10 per share, with participation from affiliates of AE Industrial Partners and Eagle Equity Partners.
Once the deal closes, the combined company will trade on Nasdaq under the ticker symbol “REDL.” Current REDLattice shareholders will carry all of their equity into the new entity, and AE Industrial will retain its position as the largest shareholder.
The existing leadership team will stay in place, with REDLattice CEO Andy Boyd continuing as chief executive of the combined company. Boyd previously served as director of the CIA’s Center for Cyber Intelligence.
What Did REDLattice, AE Industrial & Bold Eagle Leaders Say About the Deal?
Boyd said the transaction will give REDLattice the capital to grow its business, broaden its product lineup and pursue acquisitions in related mission areas while it continues to serve government customers.
“REDLattice was built to provide the U.S. and its allies with a decisive technical edge against the world’s most sophisticated adversaries, at a moment when artificial intelligence has fundamentally accelerated the pace of cyber conflict,” Boyd said.
Kirk Konert, managing partner at AE Industrial, said U.S. and allied government demand for cyber capabilities continues to rise and that REDLattice has grown faster than the broader market while keeping its customers.
“This transaction lets us deepen our conviction, and we’re proud to continue as REDLattice’s largest shareholder,” Konert said.
Eli Baker, CEO of Bold Eagle, said the company was drawn to REDLattice’s ability to meet the national security community’s increasing need for integrated technology.
“We look forward to supporting Andy and his team as REDLattice enters its next phase of growth as a public company,” Baker said.
What Is REDLattice?
REDLattice is a Chantilly, Virginia-based defense technology company that offers lawful intercept, vulnerability research and intelligence acquisition capabilities to help U.S. and allied governments carry out national security operations and counter terrorism and other threats.
Established in 2012, the company works only with national- and federal-level government agencies and serves more than 100 customers in 23 countries.
REDLattice reported $267 million in revenue for the 12 months ending June 30, a 29 percent increase from the prior year. As of the same date, the company held $200 million in contracted backlog and a $1.5 billion active pipeline.
The planned public listing comes about three years after AE Industrial acquired a controlling interest in REDLattice through its third investment fund.
In August, REDLattice was among 29 companies that secured positions on a potential seven-year, $400 million Navy contract for operational exercise design, systems engineering and technical support.
