Defense cyber intelligence company RedLattice Inc. announced today that it plans to go public on Nasdaq by merging with special purpose acquisition company Bold Eagle Acquisition Corp. The deal values the company at $1.25 billion before any new money.
Founded in 2012, RedLattice sells lawful intercept and vulnerability research tools to intelligence, military and law enforcement agencies. The company has more than 100 customers across 23 countries, with sales in the 12 months to June 30 coming in at $267 million, up 29% year-over-year.
If none of Bold Eagle’s shareholders redeem their stock, the transaction could raise about $610 million. Debt makes up most of the $335 million already committed, in the form of $275 million of convertible notes that Loomis, Sayles & Co. LP agreed to buy. They pay 4% a year and convert into stock at $12.50 a share. The other $60 million is a common stock purchase at $10 a share by affiliates of AE Industrial Partners LP and of Bold Eagle’s sponsor, Eagle Equity Partners. The remainder would come out of Bold Eagle’s trust account.
Eli Baker, Bold Eagle’s chief executive, said RedLattice is “well positioned to capitalize on the growing need for integrated tech capabilities across the national security community.”
Existing RedLattice shareholders are rolling 100% of their equity into the combined company, and AE Industrial will remain the largest shareholder. The private equity firm first bought into RedLattice in January 2023.
AE Industrial acquired Israeli spyware developer Paragon Solutions in December 2024 for a reported $500 million and folded it into RedLattice. Some of the SPAC proceeds will go toward refinancing debt and paying the final Paragon earnout.
Paragon’s main product is Graphite, mobile spyware that can get inside messaging apps on a target’s phone. Meta Platforms Inc.’s WhatsApp said in January 2025 that about 90 of its users, including journalists and human rights workers, had been targeted with it. The University of Toronto’s Citizen Lab later confirmed Graphite infections on the phones of two journalists in Europe. In the U.S., Immigration and Customs Enforcement lifted a Biden-era stop-work order on its $2 million contract with Paragon in August 2025.
The deal is expected to close around the end of the year, pending a Bold Eagle shareholder vote and the Securities and Exchange Commission declaring the registration statement effective. The combined company’s shares will trade under the ticker REDL.