Acquisition Will Expand CSRA’s Presence in the Intelligence Community and
Enhance Mission Applications Development Capabilities
FALLS CHURCH, VA – CSRA Inc. (NYSE:CSRA) announced today 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 Praxis President and co-founder Bill Dunahoo. “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.
Holland & Knight LLP served as external legal counsel to CSRA. BDO USA, LLP served as accounting advisor to CSRA. Houlihan Lokey served as the exclusive financial advisor to Praxis. Venable LLP served as external legal counsel to Praxis. Chesapeake Corporate Advisors, LLC acted as transaction advisor to the stockholders of Praxis Engineering Holding, Inc. in connection with this transaction.
About General Dynamics Information Technology
For more information about General Dynamics Information Technology, a business unit of General Dynamics (NYSE: GD), please visit www.gdit.com.
About General Dynamics
Headquartered in Falls Church, Virginia, General Dynamics (NYSE:GD) is a global aerospace and defense company that offers a broad portfolio of products and services business aviation; combat vehicles, weapon systems and munitions; C4ISR and IT solutions; and shipbuilding. The company’s 2017 revenue was $31 billion. More information is available at www.generaldynamics.com.
Tom Doheny, Communications, firstname.lastname@example.org, 571-353-4454
This website includes press releases originally posted on CSRA.com prior to its acquisition by General Dynamics. This content was migrated to GDIT.com on July 9, 2018.