CSRA to acquire Praxis Engineering
CSRA Inc. of Falls Church, VA announced on October 17 that it has signed a definitive agreement to acquire Praxis Engineering Technologies Inc. for $235 million in cash. Praxis is a leader in mission applications development and engagement in the Intelligence Community.
Headquartered in Annapolis Junction, MD, Praxis is a consulting and solutions firm dedicated to the practical application of software and systems engineering technologies. Praxis fuses world-class talent with engineering best practices, domain expertise, cutting-edge commercial technologies, and proven agile management approaches to create high-value solutions aimed at helping customers meet mission-critical needs. Praxis brings more than 350 highly-cleared employees, with the majority of them being software and systems engineers holding top-level clearances.
“I’m ecstatic that we will be able to enhance the CSRA value proposition to the Intelligence Community with the acquisition of Praxis,” said CSRA President and CEO Larry Prior. “With customers increasingly ready to adopt next-generation technologies, CSRA will be better able to help customers leverage more efficient infrastructures as they rationalize and modernize their mission applications.”
“I am thrilled to add industry-leading talent, under the leadership of Praxis’ Bill Dunahoo and Jerry Schepers, to the CSRA family,” said Leigh Palmer, CSRA’s executive vice president for intelligence. “The Praxis culture exemplifies best-idea-wins and we look forward to leveraging Praxis’ creativity across the rest of the enterprise. This acquisition accelerates our vision of mission impact providing greater offerings to our customers in the intelligence community.”
“Cultural fit was of paramount importance as we selected a partner for the next phase of Praxis’ evolution,” said Bill Dunahoo, Praxis president and co-founder. “Combining with CSRA will enable us to accelerate our growth, provide more opportunities for our employees, and significantly increase the value we bring to our customers’ most critical missions. We are very excited to become part of the CSRA family.”
The acquisition is subject to customary closing conditions and approvals, including antitrust approval under the Hart-Scott-Rodino Act and is expected to be completed during CSRA’s third quarter, which ends December 29, 2017. When the transaction closes, Praxis Engineering Technologies, LLC will become a wholly-owned subsidiary of CSRA LLC.