Reston, Virginia-based CACI International, one of the largest government IT contractors in the D.C. region will acquire Fairfax-based Azure Summit Technology in an all-cash deal worth $1.275 billion.
Azure Summit develops hardware and software for the U.S. Department of Defense, including high-performance radio frequency technology.
“Azure Summit’s core capabilities and technology bolster CACI’s market-based strategy by expanding our offerings in intelligence, surveillance and reconnaissance, electronic warfare, and signals intelligence across multiple domains, platforms and customer sets,” said John Mengucci, CACI president and CEO.
“In an environmental of escalating global threats, the employees of both CACI and Azure Summit are culturally aligned and driven to support the most critical, sophisticated missions of our nation and our allies,” he added.
The acquisition requires regulatory approvals, and is expected to close in the second quarter of fiscal year 2025.
Azure Summit has operations both in Fairfax and in Melbourne, Florida. CACI has offices globally, and more than 24,000 employees.
CACI has $7.7 billion in fiscal 2024 revenue, up more than 14% from fiscal 2023, and $420 million in net revenue.
CACI is one of the largest publicly-traded companies in the D.C. area. Its stock closed at a record high of nearly $500 a share Monday. Its stock has gained 53% this year.
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