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San Diego-based Cubic Corporation announced today its acquisition of Abraxas Corporation, the national security, law enforcement and homeland security risk-mitigation firm based in Herndon, Va. Cubic paid $124 million in cash, and the acquisition is expected to close in December 2010.
Abraxas, which has more than 280 operational and technical experts, will become a wholly owned subsidiary of Cubic and will operate under the leadership of its president Rodney Smith. Abraxas personnel will join Cubic’s Mission Support Services segment, adding to the company’s current expertise in information operations and cybersecurity.
Cubic's Vice President of Finance and Corporate Development John D. Thomas said Abraxas will be “the cornerstone of an expanded Cubic presence in the national security and cyber security sectors.”
Thomas also noted Abraxas' 2009 revenues of about $60 million and said he said he expects it to be “accretive to earnings.“
“Abraxas is recognized for its record of unmatched experience and achievement in support of the national security community,” said Cubic President Rodney Smith. “We see many synergies associated with Cubic’s breadth of technologies and service offerings and expect to further expand our business through these combined resources.”
