RedLattice Inc. plans to become a public company through a merger with Bold Eagle Acquisition Corp., the defense cyber intelligence firm announced. The combined business will list on the Nasdaq under the ticker REDL. The transaction values RedLattice at $1.25 billion before any new money.

The companies expect the deal to close around the end of the year. Completion depends on a vote by Bold Eagle shareholders and the Securities and Exchange Commission declaring the registration statement effective. RedLattice was founded in 2012 and sells lawful intercept and vulnerability research tools to intelligence, military and law enforcement agencies. It counts more than 100 customers across 23 countries.

RedLattice reported $267 million in sales for the 12 months ending June 30, a 29% increase from the prior year. If no Bold Eagle shareholders redeem their stock, the deal could raise about $610 million. Of the $335 million already committed, most is debt, consisting of $275 million in convertible notes that Loomis, Sayles & Co. LP agreed to purchase. The notes carry a 4% annual rate and convert to stock at $12.50 per share.

Eli Baker, Bold Eagle's chief executive, said RedLattice is positioned to take advantage of rising demand for integrated technology across the national security community. Current RedLattice shareholders will roll 100% of their equity into the combined company. AE Industrial will remain the largest shareholder; the private equity firm first invested in RedLattice in January 2023.

AE Industrial bought Israeli spyware developer Paragon Solutions in December 2024 for a reported $500 million and merged it into RedLattice. Part of the SPAC proceeds will be used to refinance debt and cover the final Paragon earnout. Paragon's main product is Graphite, mobile spyware capable of accessing messaging apps on a target's phone.

WhatsApp, owned by Meta Platforms Inc., said in January 2025 that roughly 90 of its users, among them journalists and human rights workers, had been targeted with the tool. The University of Toronto's Citizen Lab later confirmed Graphite infections on the phones of two journalists in Europe. In the United States, Immigration and Customs Enforcement lifted a Biden-era stop-work order on its $2 million contract with Paragon in August 2025.

More cybersecurity news from TechManNews.