BigBear.ai [BBAI] last Friday said it has completed its $70 million all-stock purchase of Pangiam, combining the two companies’ capabilities and expertise in artificial intelligence-based computer vision.
The deal was first announced last November. BigBear.ai is a portfolio company of the private equity firm AE Industrial Partners
(AEI), as was Pangiam.
Pangiam has capabilities in computer vision for security detection at airport checkpoints and digital identity solutions. BigBear.ai said the combination will “create one of the industry’s most comprehensive Vision AI portfolios, combining facial recognition, image-based anomaly detection, and advanced biometrics with BigBear.ai’s computer vision and predictive analytics capabilities.”
BigBear.ai had $155 million in sales in 2022. The company says it is the exclusive provider of computer vision, predictive analytics, and event alerting and descriptive analytics to L3Harris Technologies [LHX] for autonomous surface vessels and related shore-based maritime command and control.
In addition to autonomous systems, BigBear.ai’s target markets include cybersecurity, and supply chain and logistics.
Pangiam’s customers include airlines, airports, identity verification companies, Customs and Border Protection (CBP), and the Department of Homeland Security.
“The decision to acquire Pangiam is rooted in our strategy to bolster our portfolio through both organic and inorganic tactics, accelerate our growth in adjacent market categories and customers, and deliver increased value to our stockholders,” Mandy Long, BigBear.ai CEO, said in a statement.
Pangiam’s CEO, Kevin McAleenan, is now BigBear.ai’s president. The company said McAleenan “will play a critical role in leading the combined business.” McAleenan, who is also an operating partner at AEI, served as commissioner of CBP and acting DHS secretary during part of the Trump administration.