Raytheon to buy R&D firm BBN Technologies
CAMBRIDGE, Mass.—BBN Technologies, a firm focused on research and development in the national defense and security space, has entered into an agreement to be acquired by Raytheon, and will become part of the defense giant’s Raytheon Network Centric Systems. According to a press release, Raytheon will close on the company and its 700 employees working in seven U.S.-based locations in the fourth quarter of this year. Terms of the deal have not been released.
According to BBN’s Web site, much of the company’s work focuses on data encryption and language recognition and analysis. For example, the company developed a quantum encryption method for a city-wide network, and developed a method for searching podcasts.
“BBN brings world class people, technologies and capabilities to Raytheon and our customers,” said William H. Swanson, chairman and chief executive officer at Raytheon, in a statement. “We expect all of our businesses to benefit from the application of BBN’s research and development expertise and technologies across our product lines and programs. BBN’s rich technology heritage makes this a natural fit.”
Raytheon had 2008 sales of $23.2 billion and employs 73,000 people worldwide.