Jacobs Engineering Group Inc (J) said earlier this week it had entered into a definitive agreement to buy BlackLynx, a high-performance software provider, in an attempt to bolster its portfolio of cyber, intelligence and digital solutions. However, the financial details of the agreement remained undisclosed.
After the acquisition closes, BlackLynx is expected to help expand Jacobs’ position to 14 of 18 US Intelligence Community agencies, while the software firm will be aligned with Jacobs’ Cyber & Intelligence business division under the leadership of Senior Vice President Caesar Nieves.
“As edge computing proliferates across all domains, rapidly gaining actionable insights from the vast volumes of data becomes essential,” Steve Demetriou, Jacobs Chairman and Chief Executive Officer, said in a press release.
“BlackLynx’s embedded analytics platform provides real-time AI and ML image and data classification in the cloud and at the edge. The combination of Jacobs’ deep domain knowledge and BlackLynx’s next-generation technology will unlock new opportunities to create a more connected and sustainable world,” Demetriou added.
“Gaining real-time insights from data is a key ingredient in modernizing and securing our global infrastructure. Jacobs’ strategic position supporting the United States’ most critical missions and infrastructure creates a new trajectory for our leading software-enabled services,” Doug Wolfe, Chief Executive Officer of BlackLynx, said.
Guggenheim Securities LLC was the exclusive financial advisor to Jacobs on the transaction, while Fried, Frank, Harris, Shriver & Johnson LLP served as its legal counsel. Raymond James was the exclusive financial advisor to BlackLynx, while Cooley LLP served as its legal counsel.
Jacobs Engineering shares closed lower for the third time in the past ten trading sessions in New York on Tuesday. The stock inched down 0.06% ($0.08) to $140.63, after touching an intraday low at $138.97. The latter has been a price level not seen since October 29th ($138.95).
Shares of Jacobs Engineering Group Inc have risen 29.10% so far in 2021 compared with a 23.28% gain for the benchmark index, S&P 500 (SPX).
In 2020, Jacobs Engineering Group’s stock went up 21.30%, thus, it again outperformed the S&P 500, which registered a 16.26% gain.
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