REDLattice, a defense technology firm focused on operational cyber intelligence, has entered into a definitive agreement to combine with special purpose acquisition company Bold Eagle Acquisition Corp. (Nasdaq: BEAG). The proposed business combination would make REDLattice a publicly traded company on Nasdaq under the ticker symbol REDL. The transaction values REDLattice at a pre-money enterprise value of US$1.25 billion and is expected to close around the end of 2026.
A Business Combination Built for National Security
The company provides lawful intercept, vulnerability research, and intelligence acquisition solutions to more than 100 government customers across 23 countries. It sells exclusively to federal or nation-state agencies in the United States and allied countries, serving as a trusted partner to these government customers. For the twelve months ended June 30, 2026, REDLattice generated US$267 million in revenue, reflecting 29% year-over-year growth.
As artificial intelligence accelerates the speed, scale, and sophistication of cyber threats, governments increasingly rely on specialized technology partners to maintain their technical advantage. REDLattice sees significant near-term opportunities to execute its proven land-and-expand strategy, especially across the U.S. defense and intelligence ecosystem. As of June 30, 2026, the company reported a contracted backlog of US$200 million and an active pipeline of US$1.5 billion.
Capital Commitments and Transaction Structure
The business combination is expected to provide up to about US$610 million in gross proceeds, including US$335 million of committed capital and up to US$275 million from Bold Eagle's trust account assuming no redemptions. The committed capital includes US$275 million in convertible notes anchored by Loomis Sayles, with a 4% coupon and a fixed conversion price of US$12.50. It also includes a US$60 million common stock PIPE led by affiliates of existing investor AE Industrial Partners and Eagle Equity Partners at US$10.00 per share.
Use of Proceeds and Ownership
Proceeds will be used to refinance existing debt and fund the final cash earnout from REDLattice's earlier acquisition of Paragon Solutions Ltd. Remaining capital is expected to support working capital, organic growth, product expansion, and disciplined mergers and acquisitions. Under the terms of the agreement, existing REDLattice shareholders will roll over 100% of their equity, and AE Industrial will remain the largest shareholder of the pro forma company.
Leadership and Governance
Andy Boyd, the Chief Executive Officer of REDLattice and former Director of the CIA's Center for Cyber Intelligence, will continue to lead the combined company with the existing management team after closing. The boards of both companies have unanimously approved the transaction. Completion remains subject to approval by Bold Eagle shareholders, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission, and other customary closing conditions.
Advisors and Next Steps
Goldman Sachs & Co. LLC is serving as exclusive financial advisor and exclusive capital markets advisor to Bold Eagle, while Jefferies LLC is serving in the same roles for REDLattice. Both firms also acted as placement agents. Additional information about the proposed transaction, including the business combination agreement and investor presentation, will be filed by Bold Eagle with the Securities and Exchange Commission and made available at www.sec.gov.
The agreement positions REDLattice to accelerate organic growth, expand its product portfolio, and pursue strategic acquisitions while continuing to deliver for government customers. With specialized cyber capabilities, a contracted backlog of US$200 million, and a US$1.5 billion active pipeline, the company enters public markets at a time of intensified national security demand. The transaction is expected to close around year-end 2026, subject to approval by Bold Eagle shareholders and other customary closing conditions.