Cubic Corp., the San Diego-based defense contractor and provider of mass transit fare collection systems, said Nov. 16 that it is buying Abraxas Corp. for $124 million in cash.
Abraxas, based in Herndon, Va., provides risk mitigation and subject matter expertise to national security, law enforcement and homeland security clients. It did $60 million in revenue last year, and has 280 employees.
Cubic is buying the services portion of Abraxas. A products division, which includes San Diego-based Anonymizer Inc., isn’t part of the transaction that is expected to close next month.
That part of the company is being spun off into a separate business, said spokeswoman Jan Stevens.
With the purchase, Cubic will have about 8,200 employees, including 1,131 at its San Diego headquarters.
— Mike Allen