BigBear.ai nears becoming public company

US information technology business BigBear.ai, which announced in June that it would become a publicly traded company, said on 3 December that it expects to complete the process within days.

BigBear.ai said its merger with a publicly held special-purpose acquisition company will be completed on or about 7 December and that the combined entity, which will adopt the BigBear.ai name, will begin trading on the New York Stock Exchange (NYSE) on 8 December. The company declined to say why it will be listed on the NYSE instead of the Nasdaq as originally planned.

BigBear.ai intends to use the USD330 million in proceeds from the transaction to fund product development, acquisitions, and expanded sales and marketing. The company provides artificial intelligence, cloud migration, cyber security, data analytics, software development, and other services to the US Department of Defense, the US Intelligence Community, other US federal agencies, and commercial customers.

BigBear.ai was formed by US private equity firm AE Industrial Partners in February by combining NuWave Solutions and PCI Strategic Management.