M&A
Maximus agrees to buy Agile Defense to expand national security business
The proposed acquisition carries a $660 million cash price, subject to adjustments, plus potential performance payments. Maximus expects it to accelerate its expansion in defense and national security markets.
Maximus announced an agreement Oct. 19 to acquire Agile Defense and certain affiliates for $660 million in cash payable at closing, subject to adjustments. Additional contingent consideration would depend on achieving performance objectives.1
Maximus entered a definitive agreement to acquire Agile Defense
Agile Defense, LLC and certain affiliates
payable upon closing and subject to certain adjustments
subject to regulatory approvals and customary closing conditions
potential additional contingent consideration tied to achieving certain performance objectives
Source: Maximus. As of October 19, 2026.
Sources
The deal would add established defense and national security customer relationships and contract vehicles to Maximus. Maximus describes Agile Defense as bringing approximately 1,100 cleared personnel.1
Maximus already provides technology modernization for defense and national security agencies, with cybersecurity and artificial intelligence among its federal offerings. Its U.S. Federal Services segment, which handled the Medicare contact center and veterans' medical disability examinations, generated 56% of company revenue in fiscal 2025.2
Agile Defense is backed by private investment firm Enlightenment Capital and serves more than 50 federal agencies. Maximus expects Agile Labs, the contractor's innovation unit, to expand Maximus's technology capabilities through specialized talent, applied research and development, and emerging technologies.1
Closing is expected in the first quarter of Maximus's fiscal 2027, subject to regulatory approvals and customary closing conditions.1 The company will host a conference call Oct. 20 at 9 a.m. ET.1
Maximus is using M&A to pursue its stated priority of expanding in defense and national security. CEO Bruce Caswell expects Agile Defense's team and expertise to expand Maximus's ability to deliver for the Departments of War and Homeland Security and other national security agencies. The announcement provides no Agile Defense revenue or earnings, leaving the purchase price without those measures of the business's size and profitability.1
Sources (2)
- Maximus: Maximus to Acquire Agile Defense, Advancing Defense and National Security Growth Strategy (Oct. 19, 2026) investor.maximus.com
- Maximus, Form 10-K for the fiscal year ended Sept. 30, 2025 www.sec.gov