CSRA makes $235M deal for Praxis to grow intell footprint
By
Ross Wilkers
CSRA strikes a $235 million cash deal for Praxis Engineering to add new technology services work in the intelligence community.
CSRA has agreed to acquire Annapolis Junction, Md.-based technology services contractor Praxis Engineeering Technologies for $235 million in cash to further extend footprints across the intelligence community.
Both companies expect to close the transaction during CSRA’s third fiscal quarter that ends on Dec. 29 pending regulatory approvals and other customary closing conditions. The 350-employee Praxis will operate as a subsidiary afterward, CSRA said Tuesday.
This is CSRA’s second acquisition in its two-year existence as the Falls Church, Va.-based company announced its $105 million acquisition of defense telecommunications company NES Associates in May.
Founded in 2002, Praxis provides software and systems engineering services to agencies in the intelligence community with a particular emphasis on mission application development and engagement. Praxis is also a partner of IBM for services related to Big Blue’s Rational software.
Annapolis Junction is near Fort Meade, home to agencies such as the National Security Agency, Cyber Command and Defense Information Systems Agency.
Houlihan Lokey was exclusive financial adviser to Praxis. Venable LLP was external legal counsel to Praxis. Chesapeake Corporate Advisors LLC was transaction adviser to Praxis’ stockholders.
Holland & Knight LLP was external legal counsel to CSRA. BDO USA LLP was accounting adviser to CSRA.
CSRA is scheduled to report its second fiscal quarter financial results after markets close Nov. 7.