DMI, a portfolio company of OceanSound Partners, has purchased digital transformation services provider The Ambit Group in a transaction aimed to grow DMI’s portfolio of clients, service offerings and contract vehicles as well as broaden its presence in the defense and federal civilian markets. “With this addition, we combine Ambit’s c...
Over the last couple of years, workforce shifts due in large part to the COVID-19 pandemic have hastened the transition from hardware and software-based procurement processes to cloud-stored models. Since many government workers started to work from home in (relatively) recent times, agencies began to look toward doing business through cloud-based, ...
Parsons (NYSE: PSN) saw its third quarter revenue for fiscal year 2022 jump 19 percent to $1.13 billion and attributed the sales growth to ramp-up of contract work and increased hiring activity. The Centreville, Virginia-based contractor said Wednesday it posted $1.3 billion in Q3 2022 net bookings with a book-to-bill ratio of 1.1x and ended...
The State Department approved a potential $535 million foreign military sales request from Finland for guided multiple launch rocket systems and supporting equipment. Lockheed Martin‘s (NYSE: LMT) missiles and fire control business will serve as the prime contractor for the proposed sale, the Defense Security Cooperation Agency said Wednesday....
Kongsberg’s defense and aerospace business unit will continue to equip the U.S. Army’s armored vehicles with a weapon system for target identification and engagement under a five-year, $1.5 billion contract. The indefinite-delivery/indefinite-quantity contract covers the delivery of the Common Remotely Operated Weapon Station, which is p...
Marsh McLennan’s (NYSE: MMC) subsidiary Oliver Wyman has finalized its purchase of Avascent, a management consulting firm supporting clients across defense, aerospace and government sectors, as part of efforts to form a combined entity with experience in deal and post-transaction work. The deal was first announced in October and Oliver Wyman said ...
William Lynn, CEO of Arlington, Virginia-based Leonardo DRS, said he believes trading on the stock market will give the company “much more strategic flexibility to build” and an opportunity to generate cash to fund future acquisitions, Breaking Defense reported Monday. In June, Leonardo DRS and Israel-based RADA Electronic Industries (Nasdaq: RA...
The global supply chain has come under heightened scrutiny and concern in the past few years, largely due to disruptions caused by COVID-19. As U.S. leaders turn their focus toward building and maintaining a secure, resilient supply chain, federal agencies are taking a closer look at the vendors they partner with in national security missions....
Lockheed Martin‘s (NYSE: LMT) aeronautics segment will develop a common reprogramming tool for the F-35 program under a $111.1 million contract modification awarded by the U.S. Navy. The business will establish network connections to create the CRT and select a service-oriented architecture to modernize software and hardware for use by aircraf...
General Dynamics (NYSE: GD) booked a profit of $902 million for the third quarter of its 2022 fiscal year, 4.9% higher than the $860 million net earnings it reported over the same period in 2021. Revenue for the period climbed 4.3% to $9.98 billion from $9.57 billion. The aerospace and defense contractor said Wednesday diluted...
