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M&A

Bluestone-backed Delphinus announces combination with Navy logistics provider Professional Analysis

Bluestone says the combination advances its naval sustainment platform strategy, linking Delphinus' ship maintenance work with Professional Analysis' logistics and supply chain capabilities.

Delphinus Engineering, a Navy maintenance and modernization contractor, announced its combination with Professional Analysis, LLC (PAI) on Nov. 3. PAI provides logistics, materials management and program support to the Navy, Marine Corps and other Department of War customers.1

Delphinus Engineering announced on Nov. 3, 2026 its combination with Professional Analysis, LLC (PAI)

PAI provides logistics, materials management and program support services

PAI

Based in Alexandria, Virginia, PAI provides logistics, materials management and program support services to the U.S. Navy, U.S. Marine Corps and other Department of War customers.

Delphinus

Delphinus is a portfolio company of Bluestone Investment Partners.

Source: Bluestone Investment Partners release via PR Newswire. As of Nov. 3, 2026.

Sources
TGOs tgos.io

The combination follows Delphinus' July 21 announcement of backing from private equity firm Bluestone Investment Partners.1–2 Bluestone principal Kevin Doherty said PAI advances Bluestone's naval sustainment platform strategy by connecting maintenance and modernization with logistics and supply chain capabilities.1

Based in Alexandria, Virginia, PAI has more than 200 employees. Its work includes spares planning and configuration management for new ship construction. It also provides program support to commands including Naval Sea Systems Command, Naval Supply Systems Command and Military Sealift Command.1

Delphinus CEO Roby Lentz said the combination expands the company's ability to support the Navy and Marine Corps across engineering, maintenance, modernization and logistics. The announcement did not disclose a price, closing status or ownership terms for the combined company. WISTLR served as PAI's exclusive financial adviser.1

The combination connects ship maintenance with the work of planning spares and managing materials, broadening the services brought together under Bluestone's naval sustainment strategy. PAI CEO Stephen Mellis described the customer offer in the Nov. 3 announcement as “a single partner that can support them from the waterfront through the supply chain.”1

Sources (2)
  1. Bluestone Investment Partners: Delphinus combination with Professional Analysis, Nov. 3, 2026 www.prnewswire.com
  2. Bluestone Investment Partners: Backing for Delphinus Engineering, July 21, 2026 www.prnewswire.com
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M&A

T3 Defense buys KeepZone to expand homeland security sales

The acquisition closed Nov. 4 for $1,539,800 in stock, plus a potential cash earn-out. T3 plans to sell its subsidiaries’ products through KeepZone’s channels.

T3 Defense completed its acquisition of homeland security distributor and integrator KeepZone AI from Nexera Technologies on Nov. 4, issuing 425,594 common shares for all of KeepZone’s stock.1–2

T3 Defense completed the KeepZone acquisition

November 4, 2026

common shares425,594actual

issuing 425,594 common shares for all KeepZone shares

KeepZone’s sales channelsintroduce its subsidiaries’ productsplanned

T3 Defense intends to use KeepZone’s sales channels to introduce its subsidiaries’ products alongside KeepZone’s existing portfolio

T3 Defense Form 8-K, Nov. 6, 2026; company release, Oct. 27, 2026

Sources
TGOs tgos.io

The purchase adds a sales channel to T3, which focuses on manufacturers in areas such as drones, counter-drone systems and tactical robotics.2–3 T3 intends to introduce its subsidiaries’ products through KeepZone alongside the distributor’s existing portfolio.3

KeepZone has several non-exclusive reseller agreements and markets a multi-vendor portfolio covering screening, surveillance, counter-drone technology, AI analytics and unmanned aerial systems.2–3 Its offerings include partner products and its proprietary VocentraAI voice-analysis platform.3

An amendment signed on the closing date increased the stock purchase price to $1,539,800.1 The original agreement, dated Oct. 26, set the price at $1 million.2

The stock payment is accompanied by a potential cash earn-out.1–2 T3’s announcement described that earn-out as 50% of KeepZone’s standalone net profit over the 24 months after closing. The cash payout is capped at $5 million.3

T3 expects KeepZone to become its dedicated homeland security marketing, sales and business development platform. The company expects the platform to extend T3’s commercial reach to critical infrastructure, law enforcement, public safety and border security customers in Israel and international markets.3

Sources (3)
  1. T3 Defense Form 8-K, Nov. 6, 2026 (event Nov. 4) www.sec.gov
  2. T3 Defense Form 8-K, Oct. 27, 2026 www.sec.gov
  3. T3 Defense press release, Oct. 27, 2026 www.sec.gov
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M&A · Maritime intelligence

Windward acquires Azimut.ai to add maritime optical sensing

The maritime intelligence company's first step into ground and ship-based sensors supports its aim to place proprietary cameras at maritime chokepoints.

Windward announced its acquisition of maritime visual intelligence company Azimut.ai on Nov. 3, 2026, adding an optical sensing layer to its platform. The deal marks Windward's first step into ground and ship-based sensors.1

Windward aims to place cameras at chokepoints

Windward announced Nov. 3, 2026 the acquisition of Azimut.ai

cameras at chokepointsaims to place cameras at chokepointsplanned

Windward aims to place cameras at chokepoints and fuse visual identifications with its existing datasets for government and commercial customers

intended for vessel analytics

The system gives customers no raw images or video and is intended for vessel analytics, not identifying individuals

Source: Windward, Nov. 3, 2026

Sources
TGOs tgos.io

Windward aims to place cameras at maritime chokepoints and key thoroughfares, expanding into proprietary sensing alongside the multiple data sources its platform already combines.1

The company says not every vessel transmits, and some signals used in maritime intelligence can be switched off, obscured by weather or jammed. It says the added optical layer identifies and fingerprints vessels in real time at chokepoints and ports, including vessels that go dark to evade detection.1

The system provides customers with no raw images or video footage and is intended to analyze vessel activity, not identify or verify individuals.1

The announcement does not disclose the price or other terms, including closing conditions, or name a customer using the Azimut.ai sensors.1

Windward says it combines visual identifications from its own sensing assets with ownership, sanctions, cargo and behavioral data to produce assessments for government and commercial customers.1

Sources (1)
  1. Windward, "Windward Expands into Maritime Visual Intelligence with Acquisition of Azimut.ai," Nov. 3, 2026 windward.ai
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