TTM Technologies Buys Epiq Solutions for $1.1 Billion

TTM Technologies is set to significantly bolster its defense technology portfolio with the acquisition of Epiq Solutions from Veritas Capital in a deal valued at $1.1 billion. This strategic move positions TTM Technologies to expand its offerings in the critical aerospace and defense sectors, integrating Epiq Solutions' specialized radio frequency (RF) and embedded computing capabilities.

The transaction, anticipated to finalize by the close of 2026 pending regulatory approvals, marks the culmination of Veritas Capital's investment in Epiq Solutions. Veritas Capital, a prominent private equity firm managing over $54 billion in assets and specializing in technology-focused government businesses, acquired Epiq Solutions in 2022 through its Vantage strategy. During its stewardship, Veritas Capital supported Epiq Solutions' evolution from a niche software-defined radio provider into a comprehensive platform provider.

Epiq Solutions, established in 2009, has carved out a strong reputation for developing advanced radio technologies tailored for government, defense, and commercial applications. Its expertise spans open-architecture software-defined radios and embedded computing solutions crucial for intelligence gathering, electronic warfare, unmanned systems, and space-based operations. The company's growth trajectory was further accelerated through strategic acquisitions, including Xiphos Systems, which broadened its space computing capabilities, and Cyber Radio Solutions, enhancing its high-performance RF offerings.

This integration is expected to create substantial synergies within TTM Technologies, a leader in the manufacturing of high-frequency and high-density interconnect printed circuit boards. The acquisition of Epiq Solutions will allow TTM Technologies to offer more integrated solutions to its defense clientele, addressing complex mission requirements across air, land, sea, and space domains. The market for advanced RF and embedded computing in defense is experiencing robust growth, driven by increasing geopolitical tensions and the rapid advancement of military technologies, with sector growth projected to exceed 8% annually over the next five years.

John Orlando, CEO of Epiq Solutions, expressed enthusiasm for the transition, stating, “We are eager to join forces with TTM Technologies as we embark on this new chapter. Our collaboration with Veritas Capital over the past four years was instrumental in developing our platform to meet demanding mission-critical needs.” This sentiment was echoed by Jeffrey Wu, Partner at Veritas Capital, who highlighted the firm's success in nurturing Epiq Solutions' expansion and enhancing its value proposition within the defense technology ecosystem.

The deal underscores a broader trend of consolidation within the defense technology sector, as companies seek to expand their capabilities and market reach. TTM Technologies' acquisition of Epiq Solutions is a clear indicator of the strategic importance of integrated RF and computing solutions in modern defense systems. Financial advisory for Epiq Solutions and Veritas Capital was provided by Goldman Sachs as lead advisor and Robert W. Baird as co-advisor, with legal counsel from Latham & Watkins.