Defense cyber just put a public-path number on the board — and the multiple sits in plain sight if you do the desk math. On September 28, 2026, REDLattice (REDL Intermediate Holdings) and Nasdaq SPAC Bold Eagle Acquisition Corp. (BEAG) announced a definitive business combination. Primary: REDLattice via Business Wire same day. Reuters confirms the headline EV and proceeds frame.
Deal math — as stated. Pre-money enterprise value: $1.25 billion. Expected gross proceeds: up to about $610 million, including $335 million of committed capital from new and existing mutual-fund / institutional investors, plus up to about $275 million from Bold Eagle’s trust assuming no redemptions. Committed stack: $275 million convertible notes anchored by Loomis, Sayles & Co. (4% coupon, $12.50 fixed conversion price) and a $60 million common PIPE including affiliates of existing investor AE Industrial Partners and Eagle Equity Partners at $10.00 per share. Post-close listing target: Nasdaq ticker REDL, around year-end 2026 — not closed.
Operating print — company-stated. For the twelve months ended June 30, 2026: $267 million revenue, +29% year over year. As of that date: contracted backlog $200 million; active pipeline $1.5 billion — pipeline is not backlog. Sells exclusively to nation-state / federal government customers; vendor states more than 100 customers across 23 countries. Founded 2012; lawful intercept, vulnerability research, intelligence acquisition. CEO Andy Boyd (former Director, CIA Center for Cyber Intelligence) stays; existing shareholders roll 100% of equity; AE Industrial remains largest shareholder pro forma.
Desk arithmetic on disclosed figures. $1.25B pre-money EV against $267M TTM revenue is roughly ~4.7x EV/revenue : desk math on the two sourced numbers, not a “fair” multiple or a peer-comp sheet. This is government operational cyber / lawful-intercept currency. It is not a commercial SaaS growth print. Underwrite it as mission software with federal buying cycles, not ARR software with net retention slides.
Paragon link. Proceeds refinance existing REDLattice debt and fund the final cash earnout from the previously consummated acquisition of Paragon Solutions Ltd. Ctech same day framed the SPAC as Paragon’s public path via the combined entity. There is no separate Paragon IPO valuation; the $1.25B EV is the REDLattice combination figure in the Business Wire.
Close risk — say it plainly. Boards approved unanimously. Still needs Bold Eagle shareholder approval, an effective registration statement, and customary conditions. Trust contribution shrinks if BEAG holders redeem — that is the live variable on the “up to ~$275M” line. Advisors in the release: Goldman Sachs (Bold Eagle), Jefferies (REDLattice); both also placement agents. 8-K / S-4 materials will carry the full exhibits — underwrite from those when filed.
POV. A scaled gov-only operational cyber platform taking SPAC currency after AE’s Paragon tuck-in. The underwrite is $267M / +29% TTM versus $1.25B pre-money EV, redemption risk on the trust piece, and cash use for debt + Paragon earnout before growth/M&A. Paragon standalone valuation: Undisclosed. Close date: “around year-end 2026” as stated. Ask whether REDL clears as national-security infrastructure equity — or gets priced like a SPAC with a thin float after redemptions.
Underwrite sheet — sourced only: Business Wire / REDLattice Sep 28, 2026 — definitive combination with Bold Eagle (BEAG); $1.25B pre-money EV; up to ~$610M gross (incl. $335M committed + up to ~$275M trust no-redemptions); $275M Loomis Sayles converts 4% / $12.50; $60M PIPE @ $10 AE Industrial + Eagle Equity; Nasdaq REDL target YE 2026; TTM Jun 30 2026 $267M rev (+29%); backlog $200M; pipeline $1.5B; 100+ customers / 23 countries; CEO Andy Boyd continues; 100% equity roll; AE Industrial largest holder; proceeds → refinance debt + Paragon earnout + growth/M&A. Reuters Sep 28 — same EV / proceeds / REDL / YE close framing. Ctech Sep 28 — Paragon public path via REDLattice SPAC. Desk arithmetic: ~4.7x EV/rev on disclosed $1.25B / $267M — not a valuation opinion. Close not done — shareholder/SEC/customary conditions.