Bold Eagle Acquisition Corp is the vehicle, and RedLattice is the target: the defense cyber intelligence vendor would reach Nasdaq through a merger that prices it at $1.25B.
Getting there takes two things, a vote of Bold Eagle’s shareholders and regulators signing off on the registration statement, and the parties expect to finish around the end of the year. On the exchange, the surviving company would carry a four-letter ticker: REDL.
Buyers are governments rather than companies. Lawful intercept and vulnerability research tooling is what RedLattice has sold since 2012, to intelligence services, militaries and police forces, and its tally runs past 100 agencies spread over 23 countries. Revenue for the twelve months ended June 30 landed at $267M, a 29% gain over the prior year.
Baggage rides along with the portfolio. Israeli spyware developer Paragon Solutions was bought in December 2024 by AE Industrial Partners, the private equity firm that controls RedLattice, and absorbed into the company. Graphite, Paragon’s tool, gets inside messaging apps on a target’s phone; roughly 90 users, journalists and human rights workers among them, were linked to it by WhatsApp, and two journalists’ phones in Europe were later confirmed infected by the University of Toronto’s Citizen Lab.
Should Bold Eagle’s shareholders decline to redeem, the deal could pull in about $610M. Convertible notes of $275M that Loomis Sayles has agreed to buy supply most of it, existing RedLattice holders roll all of their equity forward, and AE Industrial keeps the largest stake.
