CSRA (NYSE: CSRA) has agreed to purchase Annapolis Junction, Maryland-based Praxis Engineering Technologies for approximately $235 million in cash in a move to expand its capabilities in mission applications development and broaden its market presence in the intelligence community.
Both companies expect to complete the acquisition by the third quarter of CSRA™s fiscal year 2017 that ends on Dec. 29, subject to antitrust approval under the Hart-Scott-Rodino Act and other customary closing conditions, CSRA said Tuesday.
Larry Prior, CSRA president and CEO, said the transaction would help CSRA support clients in their mission application modernization efforts.
CSRA is expected to absorb at least 350 Praxis employees and operate the company as a wholly owned subsidiary upon the deal™s closure.
Holland & Knight LLP and BDO USA LLP respectively serve as external legal counsel and accounting adviser to CSRA.
Houlihan Lokey and Venable LLP respectively act as financial adviser and external legal counsel to Praxis, while Chesapeake Corporate Advisors serve as adviser to Praxis Engineering Holding™s stockholders in this transaction.
Founded in 2002, Praxis is a consulting firm that focuses on the application of systems engineering and software platforms and provides agile program management, technical training and other information technology support services to IC customers.
