Deal Details

Epiq Is Acquired by TTM

Technology & Services

Epiq, a portfolio company of Veritas, sale to TTM

Summary

EPIQ Design Solutions LLC (“Epiq” or the “Company”), a portfolio company of Veritas Capital (“Veritas”), through its Vantage strategy, has entered into a definitive agreement to be acquired by TTM Technologies, Inc. (“TTM”) (NASDAQ: TTMI) for $1.1 billion in an all-cash transaction. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close by the end of 2026.

Baird served as financial advisor to Epiq and Veritas on this transaction.

About

Founded in 2009, Epiq is a premier provider of specialized radio technology serving customers across the commercial, government and defense sectors. Through open-architecture, commercial software-defined radios (SDRs) and embedded computing, Epiq delivers rapidly deployable solutions that address critical Department of War priorities. The Company has developed a reputation for high-performance, size- and energy-efficient technology that drives superior interoperability across diverse defense platforms, positioning it for continued growth across signals intelligence (SIGINT), electronic warfare (EW), unmanned systems and space applications. Epiq is headquartered in Rolling Meadows, Illinois.

Following Veritas’ acquisition in 2022, Epiq evolved from a leading provider of small-form-factor SDR solutions into a broader mission-critical RF and embedded computing platform.

TTM’s acquisition of Epiq illustrates the following themes in Defense, Space & Government M&A: (1) the accelerating adoption of open architecture commercial technologies for national security and defense; (2) prioritization of solutions with multi-domain applications; and (3) tremendous demand for companies that deliver distinguished capabilities for SIGINT and EW missions.

Veritas is a longstanding technology investor with over $54 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide mission-critical products, software and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas is a proud steward of national and global assets, focused on improving the quality of healthcare while reducing cost, advancing our educational system, accelerating energy transition and protecting our nation and allies. Veritas is headquartered in New York, New York.

TTM is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. TTM is headquartered in Santa Ana, California.

Technology & Services

Epiq, a portfolio company of Veritas, sale to TTM