Raytheon to acquire Oakley Networks; bags $75m army missile contract
22 Sep 2007
Raytheon has announced it has signed an agreement to acquire Oakley Networks, a developer of cyber-security technology. The financial terms of the agreement were not released. Salt Lake City, Utah-based Oakley Networks was founded in 2001 as a supplier of security solutions to the US government and Fortune 500 companies.
Meanwhile, the company has also won a $75 million missile contract for the US Army. Raytheon will provide technical services for the Patriot missile system. The contract will be valid till April 2010, according to the US Department of Defence. The US Army Aviation and Missile Command, based in Redstone Arsenal, Alabama, has commissioned the project.
The
Waltham-based Raytheon is a government defence contractor that supplies hardware
and technical services to the military, space, information technology, and aircraft
industries. The company reported annual net sales of $20.3 billion in 2006, and
employs 80,000 people worldwide.
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