M&A Moves is a column where we chart the mergers and acquisitions of tech companies across the region. Have a tip? Email us at email@example.com.
Marlette Holdings acquired DC’s Till
Wilmington, Delaware-based fintech company Marlette Holdings is acquiring DC rent technology platform Till. Merlette operates the fintech company Best Egg, and Till will be rebranded as Best Egg and incorporated into the platform through the deal.
Marlette’s leadership has said that its acquisition of Till comes at the perfect time based on current inflation. With the real estate experience of the Till team, CEO Jeffrey Mailer said that there will be more innovative products in the Best Egg portfolio and a more unique and flexible approach to rentals.
Till’s CEO said that the acquisition will help scale Till’s offerings with its technology and funding options.
“When we founded Till in 2018, we knew there was a gap in the marketplace for this type of personalized, flexible payment support to renters,” said David Sullivan, cofounder and CEO of Till, in a statement. “Flexible rent empowers renters to take control of one of their largest, recurring expenses and avoid costly late fees while empowering them with a personalized experience. We are thrilled to leverage Best Egg’s scale, best-in-class technology and funding capabilities to make flexible rent ubiquitous in the industry. Alongside Best Egg and our amazing partners, we will help millions of renters pay rent successfully every month.”
Leonardo DRS heads to the Nasdaq
Arlington, Virginia defense tech company Leonardo DRS has completed its merger with RADA Electronic Industries, an Israeli company. RADA’s shareholders will maintain a 19.5% ownership while Leonardo’s Italian parent company, Leonardo S.p.A., will take an 80.5% ownership.
The combined company is listed on the Nasdaq and Tel Aviv Stock Exchanges as DRS as of Nov. 29 and Nov. 30, respectively. RADA’s existing symbol on the Tel Aviv exchange was converted to DRS.
“We look forward to bringing Leonardo DRS’s mid-tier strength to the public markets with the addition of RADA’s leading tactical radar capabilities,” said William Lynn III, CEO of Leonardo DRS, in a statement. “Leonardo DRS’s broad exposure to fast-growing segments in the defense market and market leading positions in advanced sensing, force protection, network computing and electric power & propulsion make us a unique defense contractor with a compelling growth outlook, margin expansion capabilities and a largely unlevered balance sheet.”
Cycurion goes public in a SPAC deal
McLean, Virginia cybersecurity company Cycurion is headed to the public market after a merger with special purpose acquisition company (SPAC) Western Ventures Acquisition Corporation.
The combined company is expected to be valued at $170.44 million, and Cycurion plans to raise $113 million through the deal. The transaction is expected to close in the first quarter of 2023. Cycurion’s leadership noted plans to use the funds for its own acquisitions and growth plans.
“We are excited to become a publicly traded company and expect that we will continue to grow through both organic investments and strategic acquisitions,” said founder and CEO Emmit McHenry. “With regard to acquisitions, we will build upon our successful track record of acquiring cybersecurity services and technology providers that enhance our leading-edge platform to protect our clients against the systemic, existential threat of cyberattacks to their businesses, customers and reputations.”
Babel Street to acquire Rosette
Reston, Virginia’s Babel Street will be acquiring text analytics platform Rosette from Massachusetts-based BasisTech for an undisclosed amount.
Babel said that by combing its platform with AI-powered Rosette, the pair can offer an upgraded analytics and software option with insights in threat intelligence, risk and identity markets. Rosette can target cross-lingual searches, and Babel Street’s CEO Michael Southworth said that this capacity, combined with Babel’s analytic abilities, will boost safety and security.
“With the addition of Rosette, we will create a leader in threat and risk intelligence, best positioned to capitalize on the large market opportunity at a time when this technology is increasingly vital for awareness and security,” said Southworth.
Digital Intelligence Systems acquires a bootcamp
McLean IT management and staffing company Digital Intelligence Systems will be acquiring a controlling interest in Grand Circus. Based in Detroit, Michigan, Grand Circus developed a virtual coding bootcamp in 2013 that it said boasts over 2,500 graduates.
While terms of the deal were not disclosed, Digital Intelligence Systems’ announcement said that this deal will incorporate an education element — one particularly targeted at underrepresented communities — into its services.
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