Maximus signs agreement to buy Agile Defense for base cash consideration of $660 million
Key Facts
Maximus has signed a definitive agreement to acquire Agile Defense and certain subsidiaries for base cash consideration of $660 million, according to a company statement, in an expansion that adds technology capabilities and federal government relationships. The cash consideration is payable at closing and subject to adjustments under the agreement. The purchase terms also include potential additional consideration tied to the achievement of specified performance targets, which could raise the final consideration above the base cash amount. Maximus considers the Agile Labs unit a differentiating element of the acquisition and expects it to add specialized talent and capabilities in applied research and development and emerging technologies. The unit's offerings include agentic AI solutions and a virtual security operations center, according to Agile Defense.
Agile Defense has about 1,100 security-cleared employees and serves more than 50 federal government agencies, according to Maximus' statement. The target company is based in McLean, Virginia, and backed by Enlightenment Capital, a private investment firm specializing in aerospace, defense, government and technology. Agile Defense previously announced the completion of IntelliBridge's integration into its operations, unifying operations, delivery, growth, finance and leadership functions. It also acquired XOR Security, adding capabilities in cyber operations and engineering and virtual security operations centers. The services added through that acquisition cover government and commercial systems, according to Agile Defense's statement on the transaction.
Within its technology portfolio, Agile Labs offers the WorkForce agentic AI platform alongside virtual security operations center capabilities, according to Agile Defense. The company's partnership with Second Front Systems includes bringing the Game Warden platform into the Agile Labs ecosystem. The platform aims to accelerate software authorization and secure deployment on government networks, according to the partnership statement. Agile Defense said the platform enables "faster, more secure delivery of mission-critical software to government end users" by streamlining authorization and deployment processes. The company also announced expanded access to its innovation portfolio through the Tradewinds marketplace, part of the Defense Chief Digital and Artificial Intelligence Office's technology acquisition ecosystem.
Agile Defense's business includes a $100 million agreement it announced it had secured on July 15, 2026, under the Other Transaction Authority mechanism. The company said in its announcement that the agreement aims to provide its WorkForce AI tool to support the North American Aerospace Defense Command and U.S. Northern Command. The tool is being delivered through the Tradewinds marketplace, according to the same statement. In defense data, the company previously announced that it had won a separate $35 million, two-year task order to support data readiness for artificial intelligence operations at the Department of Defense. The task order is being carried out in collaboration with the Defense Chief Digital and Artificial Intelligence Office and aims to strengthen the data readiness needed for those operations, according to Agile Defense's statement.
The acquisition agreement follows Maximus' latest published quarterly results, in which it reported revenue of $1.28 billion for the third quarter of fiscal 2026. That compared with $1.35 billion in the corresponding quarter of fiscal 2025, according to the earnings statement. Maximus said revenue was in line with its expectations, while adjusted diluted earnings per share were $2.22. In that statement, the company maintained its fiscal 2026 revenue outlook at between $5.2 billion and $5.35 billion. Maximus' total debt stood at $1.65 billion on June 30, 2026, according to its latest quarterly balance sheet published before the deal.
Completion of the acquisition remains subject to regulatory approvals and customary closing conditions, according to Maximus. The company expects the transaction to close in the first quarter of its fiscal 2027. For its upcoming financial disclosures, Maximus has scheduled the release of its fourth-quarter and fiscal 2026 results for November 19, 2026. The earnings statement is scheduled for release at 6:30 a.m. U.S. Eastern Time, according to the company's scheduling announcement. Maximus will hold its earnings conference call the same day.