BigBear.ai will acquire Pangiam in an all-stock transaction valued at about $70 million. In announcing the deal, the companies asserted that their merger “will create one of the industry’s most comprehensive Vision AI portfolios” by combining Pangiam’s facial recognition and biometric technology with BigBear.ai’s computer vision tech.
Pangiam is a technology-based security and travel services company founded by a team led by Patrick Flanagan and Alexis Long, with its official launch announced in November of 2019. The company was formed through the acquisition of certain assets from the global security firm A-T Solutions by AE Industrial Partners, a private equity firm specializing in aerospace, defense, and government services.
Pangiam itself has grown to prominence in part through acquisitions of its own, including its purchase of veriScan, a biometric passenger processing system developed by the Metropolitan Washington Airports Authority, and its acquisition of the facial recognition firm Trueface.
BigBear.ai, meanwhile, was formed through the strategic merger of two companies specializing in advanced analytics and AI solutions, NuWave Solutions and PCI Strategic Management, in 2020. That merger was also orchestrated by AE Industrial Partners. This consolidation was aimed at creating a leading high-end analytics and AI firm to cater to the growing demand for data-driven decision-making and technology solutions in critical sectors like defense, intelligence, and national security.
The resulting entity, BigBear.ai, leveraged the combined technical expertise, strategic partnerships, and experienced leadership from both companies to position itself as a powerhouse in the AI and machine learning industry, particularly within the US government and defense contracting sectors.
The deal to have this AE Industrial Partners-engineered firm acquire another one in Pangiam is expected to close in the first quarter of 2024, subject to conditions and approvals. The move is expected to “significantly increase” BigBear.ai’s contract portfolio with clients at the Department of Homeland Security and US Customs and Border Protection.
November 6, 2023 – by the FindBiometrics Editorial Team