BlueHalo Acquisition, Valuation, Funding & Investors

BlueHalo was acquired by AeroVironment for $4.1B in November 2024, a 4.6x multiple on $900M of revenue.

BlueHalo acquisition price

$4.1B

Acquired by AeroVironment · Nov 2024

BlueHalo revenue at acquisition

$900M

Last twelve months · Nov 2024

BlueHalo revenue multiple at acquisition

4.6x

EV/Revenue · Nov 2024

Cumulative funding BlueHalo raised

$723M

across 1 funding round

BlueHalo Overview

About BlueHalo

BlueHalo is a Maryland-headquartered defense technology firm producing sensors, training simulators, and mission systems for national security. Formed in 2022 through mergers, it delivers RF systems, laser technologies, and AI-driven analytics for U.S. Department of Defense programs. BlueHalo supports space domain awareness and counter-UAS missions from facilities in Albuquerque and Huntsville.


Founded

2019

HQ

United StatesWashington, DC

Status

Acquired

Customer focus

B2G

Revenue model

Product sales

Revenue

$900M (Nov 2024)

Valuation

$4.1B (acquired Nov 2024)

BlueHalo Acquisition

BlueHalo was acquired by AeroVironment for $4.1B on 19 November 2024.

The acquisition price implies a 4.6x revenue multiple on $900M of revenue.

Before the acquisition BlueHalo had raised $723M across 1 funding round.

AeroVironment, a leading drone manufacturer, agreed to acquire BlueHalo, a defense technology company known for drone swarm, counter-drone, and space technologies, for approximately $4.1 billion in an all-stock transaction announced in November 2024. BlueHalo's portfolio comprises 10 flagship platform families and over 100 patents spanning directed energy, counter-unmanned aircraft systems, electronic warfare, cyber capabilities, and autonomous systems. The combined company would generate over $1.7 billion in revenue, with BlueHalo contributing approximately $900 million in 2024 revenue and a funded backlog of nearly $600 million. AeroVironment would issue approximately 18.5 million shares, resulting in BlueHalo equity holders owning approximately 39.5% of the combined entity and Arlington Capital Partners, BlueHalo's majority owner, retaining a significant stake. The transaction was expected to close in the first half of 2025 and was completed on May 1, 2025, creating a diversified global defense technology leader with integrated capabilities across air, land, sea, space, and cyber domains. AeroVironment CEO Wahid Nawabi would lead the combined company, while BlueHalo founder Mark Moneymaker would serve as a strategic adviser. The acquisition was unanimously approved by both boards and expected to be accretive to revenue, adjusted EBITDA, and non-GAAP earnings per share in the first full fiscal year post-close.

BlueHalo acquisition details
AcquirerDateTypePriceEV/Revenue
19 Nov 2024Strategic M&A$4.1B4.6x

BlueHalo Funding History

BlueHalo has raised a total of $723M across 1 funding round.

BlueHalo funding rounds

BlueHalo funding rounds
DateStageRaisedDeal Summary
Mar 2024Undisclosed stage$723MInstead, multiple sources report AeroVironment's agreement in November 2024 to acquire BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion, expected to close in the first half of 2025. BlueHalo, a defense technology company specializing in areas like counter-unmanned systems, electronic warfare, cyber, space, and AI/ML, reported $886 million in revenue for 2023, up from $759 million in 2022 and $660 million in 2021. It estimated over $900 million in revenue for 2024, with a funded backlog of nearly $600 million. The combined AeroVironment-BlueHalo entity is projected to generate over $1.7 billion in pro forma annual revenue. Arlington Capital Partners, BlueHalo's majority owner, will retain a significant stake post-acquisition, with BlueHalo equity holders owning about 39.5% of the combined company.

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Acquisitions by BlueHalo

BlueHalo has acquired 9 companies to date.

Last acquisition by BlueHalo was on February 13th 2024. BlueHalo acquired Eqlipse Technologies for undisclosed valuation.


Latest Acquisitions by BlueHalo

Eqlipse Technologies
Ipsolon Research
Verus Technology Group
Asymmetrik
Description
Eqlipse Technologies is an engineering firm delivering cybersecurity, software development, and systems integration to the U.S. Department of Defense and Intelligence Community. Headquartered in Maryland, it holds contracts for mission-critical solutions in cloud migration, AI applications, and secure communications across multiple agencies.
Ipsolon Research is a Colorado Springs-based developer of software-defined radios and wireless systems for defense and public safety applications. It produces SDR platforms operating from HF to Ka-band frequencies with FPGA processing for signal intelligence. Ipsolon supplies hardware to U.S. Department of Defense contractors and first responders.
Verus Technology Group is a developer of counter-unmanned aerial systems using radio frequency detection and digital signal processing. The company's solutions detect, track, and identify small UAS threats at ranges exceeding 10 kilometers. Albuquerque-headquartered Verus Technology Group supplies systems to military bases and critical infrastructure sites. Established in 2015, the firm integrates with C4ISR networks for real-time alerting.
Asymmetrik is an employee-owned technology firm focused on data analytics, software engineering, and cybersecurity for government and commercial clients. Based in Fairfax, Virginia, it employs around 200 engineers split evenly between software developers and analysts. Acquired by Booz Allen Hamilton in 2021, Asymmetrik supports U.S. Department of Defense projects, including AI-driven threat detection and geospatial intelligence tools. Notable work includes platforms for the Defense Intelligence Agency and National Geospatial-Intelligence Agency, emphasizing agile teams for rapid prototyping and deployment.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Maryland, NY
Frederick, MD
Washington, DC
Baltimore, MD
Deal Date13 Feb 202429 Nov 20233 Apr 202323 Nov 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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BlueHalo Competitors

BlueHalo competitors include listed companies like Avic (Chengdu) Uas, Bharat Dynamics and AECC Aero-Engine Controls, and private ones like STARK, Chaos and Mach Industries.

Public and private companies comparable to BlueHalo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
STARKGermanyBerlinPrivate-$428M$4.1B-
Avic (Chengdu) UasChinaChinaPublicly listed$450M$19M$4.3B-
Bharat DynamicsIndiaIndiaPublicly listed$252M$35M$4.4B11.4x
AECC Aero-Engine ControlsChinaChinaPublicly listed$771M$150M$3.8B4.2x
ChaosUnited StatesLos Angeles, CAPrivate--$4.5B-
Mach IndustriesUnited StatesLos Angeles, CAPrivate--$3.7B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Avic (Chengdu) Uas$450M$19M8.6x-202.0x-
Bharat Dynamics$252M$35M15.5x11.4x112.2x82.6x
AECC Aero-Engine Controls$771M$150M4.3x4.2x22.4x-
CSSC Offshore & Marine$3.1B$212M1.0x1.1x15.1x-
Karman Space & Defense$472M$120M11.7x8.3x45.9x27.8x
Jiangxi Hongdu Aviation$1.1B$22M2.9x2.6x149.3x-
Addsino Co.$373M($167M)9.4x-(20.9x)-
QinetiQ$2.6B$391M1.4x1.4x9.3x7.9x

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Common questions about BlueHalo

When was BlueHalo founded?BlueHalo was founded in 2019.
Where is BlueHalo headquartered?BlueHalo is headquartered in Washington, DC, United States.
Is BlueHalo publicly listed?No, BlueHalo was acquired by AeroVironment in November 2024.
Who acquired BlueHalo?BlueHalo was acquired by AeroVironment in November 2024.
How much was BlueHalo acquired for?BlueHalo was acquired for $4.1B in November 2024, a 4.6x revenue multiple.
How much funding has BlueHalo raised?BlueHalo has raised $723M across 1 funding round.
What was BlueHalo's last funding round?BlueHalo's last funding round was a $723M undisclosed-stage round in March 2024.
Which companies are comparable to BlueHalo?Companies comparable to BlueHalo include STARK, Avic (Chengdu) Uas, Bharat Dynamics, AECC Aero-Engine Controls, Chaos and Mach Industries.
How many companies has BlueHalo acquired?BlueHalo has acquired 9 companies, including Eqlipse Technologies, Ipsolon Research, Verus Technology Group, Asymmetrik and Citadel Defense Company.

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