
Veritas Capital (&#34;Veritas&#34;), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas, through its Vantage strategy, has entered into a definitive

<p xmlns="http://www.w3.org/1999/xhtml">
Veritas Capital ("Veritas"), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas, through its Vantage strategy, has entered into a definitive agreement to sell EPIQ Design Solutions LLC and its subsidiaries ("Epiq" or "the Company") to TTM Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TTMI">TTMI</a>) ("TTM"), a leading global manufacturer of technology products, for a purchase price of $1.1 billion. The transaction is subject to customary regulatory conditions and is expected to close by the end of 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 them for continued growth across SIGINT, electronic warfare, unmanned systems, and space applications.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Following Veritas’ acquisition in 2022, Epiq evolved from a leading provider of small-form-factor software-defined radio solutions into a broader mission-critical RF and embedded computing platform. With Veritas’ support, the Company invested in organic product innovation while executing a strategic M&amp;A program, completing acquisitions of Xiphos Systems and Cyber Radio Solutions, which respectively expanded Epiq into space-based computing and strengthened its high-performance RF capabilities. Together, these investments broadened Epiq’s addressable markets and enhanced its ability to support increasingly complex, multi-domain missions across air, land, sea, and space.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Over the last four years, we had the opportunity to leverage Veritas’ deep expertise and network at the intersection of technology and government, enabling Epiq to evolve its platform to address mission-critical demands across ground, air, maritime, and space environments," said John Orlando, CEO of Epiq. "We thank Veritas for its support and collaboration and look forward to partnering with TTM as we enter our next phase of growth."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We are proud to have partnered with Epiq during these past four years, bringing our deep heritage in defense technology to help accelerate its growth, expand its capabilities and position the business for continued success. John and the Epiq team have successfully executed on our strategic growth plan while maintaining the delivery of outstanding solutions to customers and a relentless commitment to excellence," Jeffrey Wu, Partner on the Vantage Private Equity team at Veritas Capital said. "The Epiq partnership underscores Veritas’ commitment to growing and adding lasting value to mission-critical businesses in the aerospace and defense industries. We wish the Epiq management team all the best in their next phase of growth."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Goldman Sachs &amp; Co. LLC served as lead financial advisor to Epiq, with Robert W. Baird &amp; Co. Incorporated serving as co-advisor. Latham &amp; Watkins LLP served as legal advisor to Epiq and Veritas.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Epiq Solutions</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Epiq develops cutting-edge RF tools that provide situational awareness and detailed insight into RF environments. With more than a decade serving governments and enterprises, and thousands of devices fielded, Epiq understands speed, cost, and performance for mission-critical applications. Epiq’s radically small, state-of-the-art software-defined radio solutions and turnkey RF tools lead the way in minimizing size, weight, and power consumption. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.epiqsolutions.com%2F&amp;esheet=54590492&amp;newsitemid=20260816891051&amp;lan=en-US&amp;anchor=www.epiqsolutions.com&amp;index=1&amp;md5=2a69b81f77a9c63df03de28b9efc7791" shape="rect">www.epiqsolutions.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Veritas Capital</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Veritas is a long-standing 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, services and software, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, energy and national security, is core to the firm. Veritas is a proud steward of national and global assets, focused on improving the quality of healthcare while reducing cost, advancing educational systems, accelerating energy transition and protecting our nation and allies. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.veritascapital.com&amp;esheet=54590492&amp;newsitemid=20260816891051&amp;lan=en-US&amp;anchor=www.veritascapital.com&amp;index=2&amp;md5=7ba1542d7d96cb871b5fd586e535a118" shape="rect">www.veritascapital.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260816891051r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260816891051/en/" rel="nofollow">https://www.businesswire.com/news/home/20260816891051/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Veritas Capital 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Prosek Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Pro-Veritas@Prosek.com" shape="rect">Pro-Veritas@Prosek.com</a>

</p>

TTMI

Veritas Capital Announces $1.1 Billion Sale of Epiq Solutions to TTM Technologies

TTM Technologies to Acquire Epiq for $1.1B, Expanding Defense RF Capabilities

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Veritas Capital (&amp;#34;Veritas&amp;#34;), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas, through its Vantage strategy, has entered into a definitive</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>Veritas will sell Epiq Solutions to TTMI for $1.1 billion with a closing target by year-end 2026, subject to regulatory approvals. Epiq’s open-architecture RF and software-defined radio platforms strengthen TTMI’s defense and government-facing capabilities, including SIGINT, electronic warfare, and space applications. If integration and synergies materialize, TTMI could see medium-term revenue expansion and mix shift, though regulatory and execution risks remain.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Veritas to sell Epiq to TTMI for $1.1B, closing by 2026.</li><li>Epiq provides RF/SDR tech for defense and space markets.</li><li>Veritas built Epiq with Xiphos and Cyber Radio acquisitions.</li><li>Deal expands TTMI&#039;s defense exposure and mission-critical RF capabilities.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>TTM Technologies, Inc. (TTMI)</strong>: Buyer; expansion of defense-related RF capabilities and mission-critical offerings.</li><li><strong>Epiq Solutions (Private)</strong>: Seller; RF/SDR technology platform for defense, space, and government customers.</li><li><strong>Veritas Capital (Private)</strong>: Seller; private equity owner focused on tech-government intersection.</li><li><strong>Xiphos Systems (Private)</strong>: Acquired by Epiq under Veritas; expands space-based computing.</li><li><strong>Cyber Radio Solutions (Private)</strong>: Acquired by Epiq under Veritas; strengthens high-performance RF capabilities.</li></ul>
  </section>

  <section data-block="category">
    <h3>M&amp;A</h3>
    <p>Category: M&amp;A within Corporate Developments; reflects a strategic sale to expand TTMI’s defense electronics footprint and align with government-focused growth themes.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>Deal value set at $1.1 billion, potential uplift to TTMI&#039;s defense portfolio.</li><li>Regulatory approvals and 2026 closing create a clear near-term milestone.</li><li>Epiq’s RF/SDR tech expands TTMI’s exposure to SIGINT, EW, and space.</li><li>Veritas exits after building Epiq via acquisitions.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Purchase price: $1.1 billion.</li><li>Expected close: by end of 2026.</li><li>Epiq founded in 2009; acquired by Veritas in 2022.</li><li>Veritas investments included Xiphos Systems and Cyber Radio Solutions acquisitions.</li><li>Goldman Sachs &amp; Co. LLC and Robert W. Baird &amp; Co. as advisors; Latham &amp; Watkins legal counsel.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Bullish medium-term on strategic fit and potential revenue synergies post-2026 close.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Veritas Capital ("Veritas"), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas, through its Vantage strategy, has entered into a definitive agreement to sell EPIQ Design Solutions LLC and its subsidiaries ("Epiq" or "the Company") to TTM Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/TTMI">TTMI</a>) ("TTM"), a leading global manufacturer of technology products, for a purchase price of $1.1 billion. The transaction is subject to customary regulatory conditions and is expected to close by the end of 2026.

</p><p xmlns="http://www.w3.org/1999/xhtml">
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 them for continued growth across SIGINT, electronic warfare, unmanned systems, and space applications.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Following Veritas’ acquisition in 2022, Epiq evolved from a leading provider of small-form-factor software-defined radio solutions into a broader mission-critical RF and embedded computing platform. With Veritas’ support, the Company invested in organic product innovation while executing a strategic M&amp;A program, completing acquisitions of Xiphos Systems and Cyber Radio Solutions, which respectively expanded Epiq into space-based computing and strengthened its high-performance RF capabilities. Together, these investments broadened Epiq’s addressable markets and enhanced its ability to support increasingly complex, multi-domain missions across air, land, sea, and space.

</p><p xmlns="http://www.w3.org/1999/xhtml">
"Over the last four years, we had the opportunity to leverage Veritas’ deep expertise and network at the intersection of technology and government, enabling Epiq to evolve its platform to address mission-critical demands across ground, air, maritime, and space environments," said John Orlando, CEO of Epiq. "We thank Veritas for its support and collaboration and look forward to partnering with TTM as we enter our next phase of growth."

</p><p xmlns="http://www.w3.org/1999/xhtml">
"We are proud to have partnered with Epiq during these past four years, bringing our deep heritage in defense technology to help accelerate its growth, expand its capabilities and position the business for continued success. John and the Epiq team have successfully executed on our strategic growth plan while maintaining the delivery of outstanding solutions to customers and a relentless commitment to excellence," Jeffrey Wu, Partner on the Vantage Private Equity team at Veritas Capital said. "The Epiq partnership underscores Veritas’ commitment to growing and adding lasting value to mission-critical businesses in the aerospace and defense industries. We wish the Epiq management team all the best in their next phase of growth."

</p><p xmlns="http://www.w3.org/1999/xhtml">
Goldman Sachs &amp; Co. LLC served as lead financial advisor to Epiq, with Robert W. Baird &amp; Co. Incorporated serving as co-advisor. Latham &amp; Watkins LLP served as legal advisor to Epiq and Veritas.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Epiq Solutions</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Epiq develops cutting-edge RF tools that provide situational awareness and detailed insight into RF environments. With more than a decade serving governments and enterprises, and thousands of devices fielded, Epiq understands speed, cost, and performance for mission-critical applications. Epiq’s radically small, state-of-the-art software-defined radio solutions and turnkey RF tools lead the way in minimizing size, weight, and power consumption. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.epiqsolutions.com%2F&amp;esheet=54590492&amp;newsitemid=20260816891051&amp;lan=en-US&amp;anchor=www.epiqsolutions.com&amp;index=1&amp;md5=2a69b81f77a9c63df03de28b9efc7791" shape="rect">www.epiqsolutions.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Veritas Capital</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Veritas is a long-standing 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, services and software, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, energy and national security, is core to the firm. Veritas is a proud steward of national and global assets, focused on improving the quality of healthcare while reducing cost, advancing educational systems, accelerating energy transition and protecting our nation and allies. For more information, visit <a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.veritascapital.com&amp;esheet=54590492&amp;newsitemid=20260816891051&amp;lan=en-US&amp;anchor=www.veritascapital.com&amp;index=2&amp;md5=7ba1542d7d96cb871b5fd586e535a118" shape="rect">www.veritascapital.com</a>.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260816891051r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260816891051/en/" rel="nofollow">https://www.businesswire.com/news/home/20260816891051/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Veritas Capital 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Prosek Partners
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:Pro-Veritas@Prosek.com" shape="rect">Pro-Veritas@Prosek.com</a>

</p>

Veritas will sell Epiq Solutions to TTMI for $1.1 billion with a closing target by year-end 2026, subject to regulatory approvals. Epiq’s open-architecture RF and software-defined radio platforms strengthen TTMI’s defense and government-facing capabilities, including SIGINT, electronic warfare, and space applications. If integration and synergies materialize, TTMI could see medium-term revenue expansion and mix shift, though regulatory and execution risks remain.

News insight

Veritas Capital Announces $1.1 Billion Sale of Epiq Solutions to TTM Technologies

AI summary

Sentiment rationale

Key facts

M&A