EL7.AI
Mergers & AcquisitionsMedium•19 October 2026•
4 min read

Maximus signs agreement to buy Agile Defense for base cash consideration of $660 million

Key Facts

1Base cash consideration for Agile Defense and certain subsidiaries is $660 million, payable at closing and subject to adjustments.
2Agile Defense has about 1,100 security-cleared employees and established business relationships in defense and national security.
3Maximus had total debt of $1.65 billion, compared with unrestricted cash and cash equivalents of $57 million, on June 30, 2026.
4Maximus expects to close the deal during the first quarter of its fiscal 2027.

Maximus announced a definitive agreement to acquire Agile Defense and certain subsidiaries for base cash consideration of $660 million, in a move aimed at strengthening its presence in defense and national security. The company said in its announcement that the base consideration would be paid at closing. The amount is subject to adjustments specified in the agreement, which also provides for potential additional performance-linked payments. Maximus described those payments as "contingent consideration," tied to achieving specified performance targets. The acquisition aims to add expertise in data analytics and artificial intelligence, alongside the target company's cybersecurity and digital transformation capabilities.

Agile Defense has about 1,100 security-cleared employees, according to Maximus' statement, along with established business relationships in the defense and national security markets. The target company is based in McLean, Virginia, and serves more than 50 federal government agencies. It is privately held and backed by Enlightenment Capital, which specializes in investments in aerospace, defense, government and technology. Maximus expects the Agile Labs unit to add specialized talent to its technical capabilities through the acquisition. The additions it expects from the unit include applied research and development and emerging technologies, according to its statement on the deal.

Agile Defense previously announced on November 25, 2025, that it had completed the integration of IntelliBridge into its business, according to a statement published by the target company. The integration brought operations, growth and finance functions into a unified organization. It also included leadership, as part of the consolidation of the two companies' businesses before Maximus announced its agreement to buy Agile Defense. In June 2025, Agile Defense announced it had secured a $35 million defense task order spanning two years. The company said the task order aimed to support data readiness for defense artificial intelligence operations, one of the areas of expertise targeted by the new deal.

Maximus, the buyer, reported revenue of $1.28 billion in the third quarter of its fiscal 2026, according to its quarterly earnings statement. Revenue was $1.35 billion in the corresponding period of fiscal 2025. The company said quarterly revenue was in line with its expectations despite declining from the year-earlier period. It attributed the higher revenue in that earlier period to natural disaster support work within its Federal Services segment. Temporary increases in clinical services volumes within the same segment also boosted revenue in the comparison period, according to the company's explanation of its quarterly performance.

The quarterly results showed Maximus had unrestricted cash and cash equivalents of $57 million on June 30, 2026. Total debt stood at $1.65 billion on the same date, according to figures in its earnings statement. Maximus maintained its fiscal 2026 revenue outlook at between $5.2 billion and $5.35 billion, with revenue expected to be near the lower end of that range. The company has previously made an acquisition in federal services, announcing in March 2021 the purchase of Attain's federal business for contractual consideration of $430 million. The consideration in that deal was subject to reductions and adjustments, and the acquisition formed part of Maximus' strategy for digital transformation and expansion of its federal business.

Completion of the Agile Defense acquisition remains subject to regulatory approvals, according to the terms Maximus announced in its agreement statement. The transaction also requires satisfaction of customary closing conditions specified for the deal. The company expects to close the acquisition during the first quarter of its fiscal 2027, subject to meeting those requirements. It announced a conference call on October 20, 2026, to discuss the agreed acquisition. That will be followed by Maximus' fourth-quarter and fiscal 2026 earnings release, which the company scheduled for November 19, 2026, at 6:30 a.m. U.S. Eastern Time.