Cubic will acquire Abraxas

Cubic Corp., a provider of defense systems, mission support services and transportation systems, will pay $124 million in cash to acquire Virginia-based Abraxas Corp.

Abraxas, a $60 million firm that provides risk mitigation and subject matter and operational expertise for national security, law enforcement and homeland security, will become a wholly owned subsidiary of Cubic, according to a company announcement today.

All of Abraxas' 280 employees will become part of Cubic’s Mission Support Services business unit, working in information operations, cybersecurity and analysis.

“Abraxas will be the cornerstone of an expanded Cubic presence in the national security and cybersecurity sectors,” John Thomas, vice president of finance and corporate development at Cubic, said in the statement.

Cubic, which is based in San Diego and has offices in Arlington, Chantilly and Vienna, Va., reported $1 billion in revenue in 2009 and $55.7 million in net income, both increases from the previous year.

Abraxas is based in Herndon, Va.