Cycurion, a provider of tech-enabled cybersecurity solutions, and Western Acquisition Ventures have singed a definitive business combination agreement with an implied initial enterprise value of approximately $170.44 million.
If approved, at closing and assuming no redemptions , Cycurion will have approximately $115.91 million in cash, resulting in a total pro forma equity value of approximately $271.63 million. Cash proceeds will be used to fund operations, support growth, strategic acquisitions and for general corporate purposes. The proceeds will be funded through a combination of Western’s approximately $116.77 million cash in trust, again, assuming no redemptions, and a PIPE of up to $5 million.
Since its founding in 2017, Cycurion has built an end-to-end offering of cybersecurity protection that serves multiple Federal Government and commercial organizations. The Company has three wholly owned subsidiaries, Axxum Technologies, Cloudburst Security and Cycurion Innovation. Read more.