Maximus to Buy Agile Defense for $660 Million in Cash Plus Potential Contingent Consideration

The Tip Desk · October 26, 2026 · 2 min read

The government-services firm said the purchase is expected to accelerate expansion into defense and national security markets.

Maximus (MMS) agreed to buy Agile Defense, LLC and certain of its affiliates for a cash purchase price of $660 million payable upon closing and subject to certain adjustments, with potential additional contingent consideration tied to achieving certain performance objectives.

The transaction is expected to close in the first quarter of Maximus’ 2027 fiscal year.

The company said the acquisition is expected to accelerate a stated strategic priority to expand its presence in the defense and national security markets.

“Maximus has long focused on supporting the mission of our government customers through technology-enabled services – and that’s a mission that Agile Defense clearly shares,” said Bruce Caswell, President and Chief Executive Officer of Maximus.

The agreement provides for a $660 million cash purchase price, subject to certain adjustments, plus potential additional contingent consideration tied to achieving certain performance objectives.

Maximus framed the purchase as a step in a longer run toward defense and national security work, a market it already serves through technology-enabled services for government customers. The company did not disclose a premium, an exchange ratio, or a separate cash-per-share figure, and it did not break out the size of the contingent consideration.

Caswell’s comment tied the target’s mission to Maximus’ existing government-services franchise rather than to a new product line. The company said the acquisition is expected to accelerate that expansion, not that it would change how Maximus reports its current segments.

Closing is slated for the first quarter of Maximus’ 2027 fiscal year, after which the $660 million cash price, subject to adjustments, would be paid and any contingent consideration would remain tied to Agile Defense’s performance against the objectives the parties set.