Defense & Government Investment Banking

The Raymond James Defense & Government Investment Banking team offers unparalleled expertise to companies providing services and technologies to federal, state and local governments. The team delivers M&A advisory, public and private capital-raising and valuation/fairness opinion analysis to middle-market companies, with a focus on creating long-term value for our clients. A client-oriented approach, robust distribution capabilities and full range of service capabilities have helped make us one of the industry’s leading investment banks. Our investment banking team is complemented by our award winning public company research coverage which is led by individuals with decades of experience, including a former U.S. Air Force captain who specializes in government services and technologies.

Defense & Government Subsector Expertise

 

  • C4ISR systems
  • Cybersecurity
  • Data analytics
  • Defense electronics
  • Geospatial intelligence
  • Health IT
  • Intel support and analysis
  • IT and outsourced services
  • Software/SAAS
  • Space systems and satellite communications
  • State and local
  • Unmanned systems

Defense & Government Insights

Senior Banking Team

Sam Maness Headshot
Sam Maness

Managing Director

Greater Washington, D.C.

1.703.657.4646
 
Sam ManessView Bio
Natalie Warther
Natalie Warther

Managing Director

Greater Washington, D.C.

1.703.657.4622
 
Natalie WartherView Bio
Clayton Murtha Headshot
Clayton Murtha

Vice President

Greater Washington, D.C.

1.703.657.4633
 
Clayton MurthaView Bio
William Young
William Young

Vice President

Greater Washington, D.C.

1.703.657.4634
 
William YoungView Bio

Transaction History

July 2025 Parsons acquired CTI portfolio company of Bluestone Investment Partners

July 2025

About Parsons Corporation

Parsons Corporation is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. 
July 2025 AV Convertible Debt Offering Bookrunning Manager $747,500,000

July 2025

About AeroVironment

AeroVironment (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber.
July 2025 AV Follow-on Offering Bookrunning Manager $875,000,000

July 2025

About AeroVironment

AeroVironment (NASDAQ: AVAV) is a defense technology leader delivering integrated capabilities across air, land, sea, space, and cyber. 
June 2025 Kratos Follow-On Offering Active Bookrunning Manager $575,000,000

June 2025

About Kratos

Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. 
October 2024 ARA acquired by OceanSound Partners

October 2024

About Antenna Research Associates ("ARA")

ARA enables the U.S. Department of Defense and other national security-focused customers to modernize legacy platforms and deploy next-generation systems that enhance situational awareness, threat detection, and advanced communication capabilities. 
September 2024 Artel A portfolio company of TPG Has been acquired by Cydecor

September 2024

About Artel

Artel serves as a leading provider of telecommunications and technology support services delivering cost-effective, on-time, reliable communications services, cybersecurity, and IT solutions.
September 2024 V2X Follow-On Offering Passive Bookrunning Manager $96,000,000

September 2024

About V2X

V2X is a leading provider of critical mission solutions and support to defense clients globally. V2X delivers a comprehensive suite of integrated solutions across the operations and logistics, aerospace, training and technology markets to national security, defense, civilian and international clients. 
September 2024 Iron EagleX acquired by GDIT

September 2024

About Iron Eagle X

Iron EagleX, Inc. (IEX), is a leading provider of artificial intelligence/machine learning, cyber, software development and cloud services for the Special Operations Forces and the intelligence community.
September 2024 C5MI received a strategic investment from DC Capital Partners

September 2024

About C5MI

Founded in 2016, C5MI is a leader in digital transformations and modernization, solving complex supply chain and logistics challenges for Federal and State Governments as well as Fortune 200 companies.
August 2024 Parsons acquire Blacksignal portfolio company of Razor's Edge

August 2024

About Parsons

Parsons Corporation is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. 
August 2024 Moxfive received a growth investment from Falfurrias Capital Partners

August 2024

About Moxfive

Founded in 2019, MOXFIVE is a cybersecurity company helping customers respond to cyber incidents and minimize the risk of future attacks.
April 2024 HTL Has received a strategic investment from Blue Delta Capital Partners

April 2024

About Herrick Technology Labs

Herrick Technology Laboratories, Inc. is a leading provider of high performance, SIGINT/EW/Communications products and systems to the U.S. Department of Defense. 
February 2024 Kratos $345m Follow-On Offering Bookrunning Manager

February 2024

About Kratos Defense and Security Solutions

Kratos Defense & Security Solutions, Inc. is a technology, products, system and software company addressing the defense, national security, and commercial markets. 
December 2023 Ridgeline International Has received a strategic investment from Enlightenment Capital

December 2023

About Ridgeline International

Ridgeline International is a provider of proprietary intelligence and cyber technology solutions to control data, protect against Ubiquitous Technical Surveillance, and enable Digital Signature Management, for the Intelligence Community and Department of Defense customers.
 
December 2023 Capitol Meridian Partners made a strategic investment in Clarity $1,500,000,000

December 2023

About Clarity Innovations

Clarity Innovations, LLC is a provider of advanced data and cyber analytics services and software to the U.S. national security community. 
November 2023 MDP Has acquired T2S Solutions

November 2023

About T2S Solutions

T2S Solutions (“T2S”) is a differentiated provider of innovative, next-generation, and mission-focused products and solutions for a growing number of Department of Defense and Intelligence Community research and development and program offices. 
August 2023 Strategic Technology Consulting Has been acquired by Arcfield A portfolio company of Veritas Capital

August 2023

About Strategic Technology Consulting

Strategic Technology Consulting is an industry leading solutions provider in digital engineering and model-based systems engineering. 
May 2023 Secure Innovations Has been acquired by iNovex A portfolio company of Enlightenment Capital

May 2023

About Secure Innovations

Secure Innovations, LLC (“SI”) is a pure-play provider of end-to-end cybersecurity solutions on mission-critical programs for the Intelligence Community and Department of Defense.
May 2023 Innoplex Has been acquired by iNovex A portfolio company of Enlightenment Capital

May 2023

About Innoplex LLC

Established in 2005 and headquartered in Columbia, MD, Innoplex, LLC is a mission-focused company supporting global customers in the Intelligence and Defense community.
February 2023 Resolute Technologies Has been acquired by eqlipse A portfolio company of ACP

February 2023

About Resolute Technologies

Resolute Technologies, LLC is a leading provider of computer network operations, infrastructure and architecture, and enterprise software engineering solutions. 
November 2022 InnovaSystems International Has been acquired by Cydecor

November 2022

About InnovaSystems International

InnovaSystems International (“InnovaSystems”) is a provider of information technology and software solutions that streamline access to critical military decisioning data in support of key defense readiness programs.
Gradient Zero Has been acquired by eqlipse A portfolio company of ACP

September 2022

About Gradient Zero

Gradient Zero offers innovative identity management products and services to support a broad range of missions delivering solutions.
 
July 2022 Epiq Solutions has received a strategic investment from Veritas Capital

July 2022

About Epiq Solutions

Epiq Design Solutions, Inc. dba Epiq Solutions is a leading provider of low size, weight, and power software-defined radio products and turnkey RF solutions that support a range of defense-focused and enterprise use-cases.
March 20222 Bohemia Interactive Solutions a portfolio company of Riverside has been acquired by BAE Systems

March 2022

About Bohemia Interactive Solutions

Bohemia Interactive Simulations is a global software developer of simulation training solutions for military organizations. Using the latest game-based technology, the Company develops high-fidelity, cost-effective training and simulation software products and components to meet the growing demand for defense applications.
February 2022 PAE Incorporated has been acquired by Amentum a portfolio company of multiple companies

February 2022

About PAE Incorporated

PAE Incorporated delivers smart, secure, and mission-critical operational support, information analysis, and business process services across all seven continents and in approximately 60 countries.
November 2021 BlackLynx a portfolio company of Razor's Edge has been acquired by Jacobs

November 2021

About BlackLynx

BlackLynx is an industry-leading software-enabled solutions company in the national security space with transformational technology and products in edge computing, hybrid-cloud infrastructure and collection automation.
November 2021 Cadre Holdings, Inc. $89.7M initial public offering bookrunning manager

November 2021

About Cadre Holdings Inc.

For over 55 years, Cadre Holdings has been a global leader in the manufacturing and distribution of safety and survivability equipment for first responders.
September 2021 Intelligent Automation Inc has been acquired by Bluehalo a portfolio company of ACP

September 2021

About Intelligent Automation Inc.

Intelligent Automation, Inc. is a leading provider of next generation technology and productized solutions in the fields of artificial intelligence/machine learning, cybersecurity, hypersonics, space, 5G, data analytics, and radio frequency/communications.
September 2021 Tracepoint has been acquired by Booz | Allen | Hamilton

September 2021

About Tracepoint

Tracepoint specializes in digital forensics and incident response with a comprehensive portfolio of pre- and post-breach services.
July 2021 BlackHorse Solutions a portfolio company of multiple companies has been acquired by Parsons

July 2021

About BlackHorse Solutions

BlackHorse is a technology company in the national security space with leading capabilities in cyber, electronic warfare, digital operations, artificial intelligence/machine learning, information operations, readiness support, and full spectrum operations.
February 2021 Cubic has entered into a definitive agreement to be acquired by Veritas Capital and Evergreen Coast Capital

February 2021

About Cubic

Cubic Corporation is a technology-driven, market-leading provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and defense training customers worldwide to decrease urban congestion and improve the militaries’ effectiveness and operational readiness.
February 2021 Two Six Labs has been acquired by Carlyle

February 2021

About Two Six Labs

Two Six Labs, Inc. is a leading provider of cybersecurity and advanced technology solutions for the U.S. Government, including customers within DARPA, U.S. Cyber Command, the Department of Homeland Security and the broader Department of Defense and Intelligence Community.
December 2020 Tracepoint LLC has received a strategic investment from Booz | Allen | Hamilton

December 2020

About Tracepoint LLC

Tracepoint specializes in digital forensics and incident response with a comprehensive portfolio of pre- and post-breach services.
November 2020 METIS Solutions has been acquired by PAE

November 2020

About METIS Solutions

METIS Solutions (“METIS”), a Blue Delta Capital Partners portfolio company, is a leading provider of intelligence analysis, operational and tactical training and program management focused on supporting intelligence community, national security and defense customers.
November 2020 Digital Force Technologies has received a strategic investment from DC Capital Partners

September 2020

About Digital Force Technologies

DFT is a leading innovator in the design and development of hardware and software products used for force protection and tactical surveillance primarily for government customers.
September 2020 IST Research has been acquired by Carlyle

September 2020

About IST Research

IST Research Corporation is a leading provider of open source data collection, population engagement, and content discovery solutions primarily for U.S. Government customers.
August 2020 Griffon Corporations $172M follow-on offering bookrunning manager

August 2020

About Griffon Corporations

Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures.
July 2020 Five Arrows has acquired Juvare a portfolio company of Thomas H. Lee Partners

July 2020

About Five Arrows

Five Arrows, an international private equity group, has acquired a majority stake in Juvare, a leading US-based provider of crisis management, emergency preparedness and response software, from Thomas H. Lee Partners.
January 2020 Pixia has been acquired by Cubic $250,000,000

January 2020

About Pixia

PIXIA Corporation is a private software company based in Herndon, Virginia, which provides high performance advanced data indexing, warehousing, processing, and dissemination software solutions for large volumes of imagery data within traditional or cloud-based architectures.
August 2019 ARMA Aviation has been acquired by Advanced Core Concepts a portfolio company of Battle Investment Group

August 2019

About ARMA Aviation

ARMA Aviation is a leading global provider of supply chain and logistics management and aircraft maintenance, repair, and overhaul services to the U.S. military and its allies.
July 2019 Advantor has been acquired by Vectrus

July 2019

About Advantor

Advantor Systems is a provider of fully integrated command, control, and communications (“C3”) networked security solutions to U.S. DoD customers.
June 2019 Pixia has received an investment from Cubic

June 2019

About Pixia

PIXIA Corporation is a private software company based in Herndon, Virginia, which provides high performance advanced data indexing, warehousing, processing, and dissemination software solutions for large volumes of imagery data within traditional or cloud-based architectures.
June 2019 Merlin debt financing provided by Cerberus

June 2019

About Merlin

Merlin is a provider of next-generation cybersecurity software serving highly-regulated customer sets, including a diverse set of U.S. federal government agencies.
March 2019 Sparton Corporation has been acquired by Cerberus

March 2019

About Sparton Corporation

Sparton Corporation is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment.
November 2018 Cubic $227,700,000 follow-on offering co-manager

November 2018

About Cubic

Cubic Corporation (“Cubic”) is a market-leading, technology provider of integrated solutions that increase situational understanding for transportation, defense C4ISR and training customers. Cubic designs, integrates and operates systems and products to decrease urban congestion and improve the militaries’ effectiveness and operational readiness.
August 2018 The Federal Government IT Solutions Business of Black Box has been acquired by ACP

August 2018

About Black Box

Black Box’s Federal Government IT Solutions Business is a leading, full-service systems integrator and managed services provider offering a broad array of services and solutions to the U.S. Department of Defense, civilian agencies, and state correctional facilities.
May 2018  ACP has sold Polaris Alpha LLC to Parsons

May 2018

About Polaris Alpha LLC

Polaris Alpha, LLC is an advanced, technology-focused provider of innovative mission solutions for complex defense, intelligence, and security customers, as well as other U.S. federal government customers.
May 2018 Axon Enterprise Inc. $262,085,000 follow-on offering co-manager

May 2018

About Axon Enterprise Inc.

The Axon network is a network of devices, apps and people that helps law enforcement become smarter and safer. The company’s mission is to protect life.
May 2018 The Global Defense Service Business of Cubic has been acquired by Valiant

May 2018

About Cubic

Cubic Global Defense Services provides industry-leading training, operations, intelligence, maintenance, technical, and other support services to the U.S. government, its agencies and allied nations.
April 2018 STG has been acquired by SOSi

April 2018

About STG

STG is a provider of mission enabling IT services in support of leading defense, national security and intelligence community customers.
January 2018 GovPayNet has been acquired by Securus Technologies

January 2018

About GovPayNet

GovPayNet has been processing electronic payments of credit and debit cards on behalf of government entities for over 20 years.
September 2017 Xebec Global Corporation has been acquired by ACP

September 2017

About Xebec Global Corporation

Xebec is a premier provider of human intelligence and related services to highly classified customer sets within the U.S. Intelligence Community.
July 2017 Sparton Corporation has entered into a definitive agreement to be acquired by Ultra Electronics

July 2017

About Sparton Corporation

Sparton Corporation is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service and refurbishment.
May 2017 The Government Services Business of ABM has been acquired by Valiant

May 2017

About ABM

ABM Government Services provides industry-leading mission support, critical infrastructure services, healthcare facility services, and healthcare construction expertise to the U.S. Government.
May 2017 Schafer Corporation a portfolio company of Metalmark has been acquired by Belcan

May 2017

About Schafer Corporation

Schafer is a leading provider of scientific, engineering, and technical services to national security focused government agencies in areas such as CBRNE, space systems, air and missile defense, and cybersecurity.
January 2017 Booz Allen Hamilton has acquired Aquilent

January 2017

About Booz Allen Hamilton

Raymond James provided the fairness opinion to Booz Allen Hamilton in its acquisition of Aquilent, a leading provider of IT services, including application development and cloud solutions.

Transaction history may include transactions completed by a Raymond James banker while at a former firm.