Raytheon Technologies [RTX] on Tuesday said it has agreed to acquire a developer and manufacturer of small satellites and related components, Blue Canyon Technologies


Terms of the deal, which is expected to close in early 2021 pending regulatory approvals, were not disclosed.

The pending acquisition will provide Raytheon Technologies’ Intelligence and Space segment with a small, agile player in the burgeoning market for very small satellites.

“The space market is rapidly expanding and our customers need comprehensive solutions faster than ever before,” Roy Azevedo, president of Raytheon Intelligence & Space, said in a statement. “What makes Blue Canyon Technologies the right fit for our business is its agile, innovative culture and expertise in small satellite systems and technologies. This acquisition enables us to deliver a broader range of solutions to support our customers’ space missions, from sensing subsystems to mission systems integration and from launch and range support to on-orbit operations.”

Blue Canyon is based in Colorado and has more than 200 employees. The company has more than 90 satellites in production and its missions support the Air Force, NASA and Defense Advanced Research Projects Agency. The company said it recently opened an 80,000 square-foot satellite constellation factory headquarters and production facility in Lafayette, Colo.

Blue Canyon said it will continue to serve its customers under its current business name and brand. The company’s financial advisor on the deal is Jefferies LLC.