REDLattice has entered into a definitive agreement to become a publicly traded company through a business combination with Bold Eagle Acquisition Corp., valuing the defense technology company at a $1.25 billion pre-money enterprise value. Upon closing, REDLattice is expected to trade on Nasdaq under the ticker REDL, with completion anticipated around year-end 2026.
The transaction is expected to provide REDLattice with up to $610 million in gross proceeds, including $335 million in committed capital from new and existing institutional investors and up to $275 million from Bold Eagle’s trust account, assuming no redemptions.
The committed financing consists of $275 million of convertible notes anchored by Loomis Sayles, carrying a 4% coupon and $12.50 fixed conversion price, along with a $60 million common stock PIPE involving affiliates of existing investor AE Industrial Partners and Eagle Equity Partners, priced at $10 per share.
REDLattice plans to use proceeds to refinance its existing debt, fund the final cash earnout payment associated with its previously completed acquisition of Paragon Solutions, and provide additional working capital for organic growth, product expansion, and potential acquisitions.
Founded in 2012, REDLattice provides lawful intercept, vulnerability research, and intelligence acquisition technologies to U.S. and allied governments. The company exclusively serves nation-state and federal government agencies and has more than 100 customers across 23 countries.
For the 12 months ended June 30, 2026, REDLattice generated $267 million in revenue, up 29% year-over-year. The company also reported $200 million of contracted backlog and a $1.5 billion active pipeline as of June 30.
REDLattice’s existing management team will continue leading the company following the transaction. CEO Andy Boyd, a former Director of the CIA’s Center for Cyber Intelligence, will remain CEO, while existing REDLattice shareholders will roll over 100% of their equity. AE Industrial will remain the largest shareholder of the combined company.
The boards of both companies unanimously approved the transaction. Closing remains subject to Bold Eagle shareholder approval, effectiveness of the planned SEC registration statement, and customary closing conditions.
Goldman Sachs is serving as Bold Eagle’s exclusive financial and capital markets advisor, while Jefferies is REDLattice’s exclusive financial and capital markets advisor. Kirkland & Ellis is advising REDLattice, and White & Case is advising Bold Eagle.
KEY QUOTES:
“REDLattice was built to provide the U.S. and its allies with a decisive technical edge against the world’s most sophisticated adversaries, at a moment when artificial intelligence has fundamentally accelerated the pace of cyber conflict. This transaction provides the capital and public market currency to accelerate our organic growth, expand our product portfolio and pursue disciplined M&A across adjacent mission-critical capabilities.”
Andy Boyd, Chief Executive Officer of REDLattice
“The demand for mission-critical cyber capabilities across the U.S. and allied governments has never been stronger, and REDLattice has consistently outpaced that market with strong retention and growth. We believe REDLattice is the category leader in operational cyber intelligence with unmatched technical capabilities.”
Kirk Konert, Managing Partner at AE Industrial
“We were attracted to REDLattice because they are well positioned to capitalize on the growing need for integrated tech capabilities across the national security community. REDLattice is one of the only companies of scale and purpose built to meet this requirement.”
Eli Baker, Chief Executive Officer of Bold Eagle
