CSRA Inc. [CSRA] on Tuesday said it has agreed to acquire Praxis Engineering Technologies Inc. for $235 million in cash in a deal that would expand its work for the intelligence community.
Maryland-based Praxis provides consulting and solutions in the areas of software and system engineering. The company has more than 350 “highly-cleared” employees, most of them software and systems engineers, CSRA said.
“I’m ecstatic that we will be able to enhance the CSRA value proposition to the intelligence community with the acquisition of Praxis,” Larry Prior, president and CEO of CSRA, said in a statement. “With customers increasingly ready to adopt next-generation technologies, CSRA will be better able to help customers leverage more efficient infrastructures as they rationalize and modernize their mission applications.”
Praxis’ senior management will remain with the company.
The transaction is expected to close before the end of this year, subject to regulatory approval. Praxis’ financial advisor on the deal is Houlihan Lokey. BDO USA, LLP is CSRA’s accounting advisor.