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Good evening and welcome to those of you that joined us this week. The Arsenal Team is enjoying some much needed R&R. While we do not have a full writeup or analysis piece this week, we wanted to share with the community the Term Sheet and Red Team Update. We hope you enjoy the last few weeks of summer as well.
This week’s post:
💰 Term Sheet
🚩 Red Team Update
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The Term Sheet
A rollup of defense industry mergers, acquisitions, capital raises and notable contract wins
Notable M&A or Investments
Owl Cyber Defense acquired Big Bad Wolf Security, a provider of next generation cloud infrastructure security for government and commercial applications - 8/22 (Link)
Sidus Space acquired Exo-Space, a provider of AI software and hardware for space applications - 8/22 (Link)
RBC Bearings acquired Specline, a manufacturer of precision bearings for the commercial and defense aerospace markets - 8/21 (Link)
BAE Systems acquired Ball Corporation’s Ball Aerospace, a manufacturer of spacecraft, components and other systems for military and commercial space applications for $5.6Bn and 19.6x EV/EBITDA - 8/17 (Link)
Pono Capital Three acquired Horizon Aircraft, a provider of hybrid eVTOL aircraft designed for military operations, emergency medical services and firefighting or disaster relief - 8/17 (Link)
Converged Security Solutions acquired Solutions By Design II, a provider of cybersecurity and cloud solutions to the Defense Contract Management Agency and other govt organizations - 8/16 (Link)
Thrust Capital Partners acquired Dishon Limited, a supplier of complex machined components and assemblies, primarily serving the aviation, space and satellite sectors - 8/16 (Link)
Align Capital Partners acquired Global Guardian, a provider of best-in-class security, medical and travel-related services - 8/15 (Link)
Nano Dimension acquired Additive Flow, a provider of high-performance simulation software for mechanical, thermal, thermo-mechanical properties with frequency and fatigue modeling capabilities for A&D industries - 8/14 (Link)
Notable Contract Wins and Opportunities
L3Harris, Mag Aerospace awarded contract to expand the Army’s aerial ISR capabilities - 8/22 (Link)
HII awarded a $138M Task Order from US Air Force to support planning and acquisition of critical warfighting capabilities - 8/21 (Link)
OneWeb awarded $900M Space Force satellite contract - 8/21 (Link)
Leidos awarded $95M Navy Uncrewed Surface Vessel Task Order - 8/17 (Link)
Wallaroo Labs, an AI startup, won a $1.5M contract from the Space Force - 8/16 (Link)
Notable Capital Raises
Red Team Update
From Eurospace
From Eurospace
From Eurospace
From UmbraSpace via Naval News
Russia's deceptive camouflage employs unique painting techniques on Black Sea warships to obscure their shape and length, confounding identification via satellite imagery, potentially hindering strategic responses
Initial satellite image checks confirm the camouflage's effectiveness, creating uncertainty and slowing fleet analysis, particularly from above. Satellite monitoring by Ukraine and NATO could be impacted
Artificial intelligence (AI) by Satim Inc. counters camouflage by accurately classifying ship types in Synthetic Aperture Radar (SAR) images with over 90% accuracy, enhancing identification capabilities
Combining AI analysis with SAR imagery, other satellite data, and open source intelligence (OSINT) can effectively reveal camouflaged ships, persisting through night and cloud cover, though Russia's evolving strategies pose ongoing challenges for observers and analysts.
About Us
Our team has 30+ years of combined experience as military officers using the end products. We’ve worked in both government and industry. From MIT to Wharton, Wall Street to biotech, and DARPA to the flightline, we offer you a unique perspective on how to navigate America’s defense tech industry.
The opinions expressed in this newsletter are solely those of the authors and do not necessarily reflect the views of DoD, our employers or any affiliated organization. This newsletter is for informational purposes only and is not intended to provide legal, financial or professional advice.