Cubic (NYSE: CUB) has purchased a 20 percent stake in commercial technology firm Pixia for $50M in a push to expand the portfolio of offerings of its mission solutions business.
Bradley Feldmann, chairman, president and CEO of Cubic, said during the company™s earnings call on Aug. 6 that the transaction provides Cubic an option to acquire by February 2020 the remaining 80 percent stake in Pixia.
œThis acquisition aligns with and enables our battlefield cloud strategy of processing and disseminating data rich actionable intelligence across the enterprise and at the edge of the battlefield in real time, Feldmann said.
Herndon, Va.-based Pixia offers high-performance platforms designed to manage and process large amounts of imagery data, wide-area motion imagery and geospatial data for U.S. intelligence agencies and other government clients.
Cubic Mission Solutions saw its sales climb 122 percent to $95M in the third quarter of fiscal year 2019, which reflects increased deliveries across all its product lines, including secure network products and expeditionary satellite communications platforms.
