In June 2019, San Diego, CA-based Cubic Corporation paid $50.0 million in cash to purchase 20% of the outstanding capital stock of Pixia, a private company based in Herndon, VA, that provides high performance, cloud-based solutions to manage and access massive amounts of imagery data.
The purchase agreement includes an option to purchase the remaining 80% of its capital stock for $200.0 million, which Cubic exercised in November 2019 and expects to close by February 2020, subject to customary closing conditions. The all-cash transaction will be funded from borrowings under Cubic’s existing credit facilities.
“Pixia enhances our C2ISR digital platform and further enables our real-time, battlefield cloud strategy to provide information to the edge of the battlefield. We look forward to welcoming the Pixia team to Cubic. Together, we will offer best-in-class solutions to address big data challenges for the Intelligence Community,” said Bradley Feldmann, chairman, president and chief executive officer of Cubic Corporation.
Source: Cubic
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