Combined Company’s Modular Suite of
Solutions Operationalizes AI and ML at Scale, Delivering Superior
Decision Support for Defense, Intelligence and Commercial
Sectors
BigBear.ai Expected to Begin Trading on NYSE
Under Ticker Symbols “BBAI” and “BBAI.WS,” Respectively, on
December 8, 2021
BigBear.ai, a leading provider of artificial intelligence
("AI"), machine learning, cloud-based big data analytics, and cyber
engineering solutions, and GigCapital4, Inc. (“GigCapital4”;
Nasdaq: GIGGU, GIG, GIGGW), a Private-to-Public Equity (PPE)TM
entity also known as special purpose acquisition company (“SPAC”),
today announced the completion of their previously announced
business combination (the “Business Combination”). The Business
Combination was approved at a Special Meeting of GigCapital4's
stockholders on December 3, 2021. Upon completion of the Business
Combination, the combined company changed its name to BigBear.ai
Holdings, Inc. (“BigBear.ai”). BigBear.ai’s shares of common stock
and warrants are expected to commence trading on the NYSE on
December 8, 2021 under the new ticker symbols “BBAI” and “BBAI.WS,”
respectively. The transaction values BigBear.ai at a $1.378 billion
pro forma enterprise value.
Fueled by machine-driven analytics, BigBear.ai’s modular,
end-to-end solutions transform raw data into knowledge, enabling
enhanced decision-making in real-time. With well-established roots
in the national security and defense space, BigBear.ai’s platform
is battle-tested to perform in complex, real time environments, and
its highly flexible solutions are highly applicable to the rapidly
growing commercial market and state and local government sector.
The Company is well positioned to leverage the significant growth
opportunities in the global AI and machine learning (“ML”) market,
which is projected to grow at a compound annual growth rate of
approximately 40% to $310 billion by 20261.
Dr. Reggie Brothers, Chief Executive Officer of BigBear.ai,
said, “The completion of our business combination with GigCapital4
and emergence as a publicly-traded company is a landmark
achievement for BigBear.ai, and one that we would not have reached
without the hard work and focus of our dedicated employees and the
support of our partners, GigCapital4 and AE Industrial Partners. We
are in the early innings of unprecedented growth in the AI/ML
landscape, and we believe our recent contract wins, which bring our
total backlog to $485 million, are the tip of the iceberg. As a
public company, we plan to build value for shareholders by
continuing our strong momentum in the government and defense
sectors and accelerating our penetration of targeted commercial
markets like space, maritime, transportation & logistics,
energy, retail and infrastructure.”
Dr. Raluca Dinu, Founding Managing Partner of GigCapital Global
and CEO of GigCapital4, said, “The GigCapital team is very proud to
have closed our fourth business combination, GigCapital4 with
BigBear.ai, our third closing in 2021. We stand committed to our
mission of Mentor InvestorTM to guide brilliant teams like
BigBear.ai as they navigate the journey of becoming a major public
enterprise. We are pleased to continue to support BigBear.ai as
part of its Board of Directors as the company enters its next phase
of innovation and growth, and we believe it is very well positioned
to address rapidly growing customer demand for solutions that
augment the human decision-making process.”
Dr. Avi Katz, Founding Managing Partner of GigCapital Global and
Executive Chairman of the Board of GigCapital4, said, “We are
excited about the partnership with AE Industrial Partners who
entrusted BigBear.ai to partner with our team. This combination is
yet again a successful demonstration of our Private-to-Public
Equity (PPE)™ methodology where we partner with lead private equity
owners on the next chapter in the high growth public company
journey.”
Kirk Konert, Partner at AE Industrial Partners, said,
“BigBear.ai has a truly differentiated position and platform in the
artificial intelligence market that is experiencing significant
growth. As a public company, BigBear.ai has a strong capital base
to invest in additional technology development, expand commercial
R&D and business development teams, and accelerate growth –
both organically and through acquisitions.”
Jeff Hart, Principal at AE Industrial Partners, said,
“BigBear.ai will enter the public domain with its unique and proven
AI products and strong financial position bolstered by a robust
contract backlog. As organizations become increasingly more complex
in the amount of data they receive, BigBear.ai’s products will be a
linchpin in distilling that data into insights that can be used to
make better decisions. We are tremendously proud of BigBear.ai and
excited to continue partnering with them on this incredible
journey.”
Advisors
William Blair is serving as exclusive financial advisor,
Kirkland and Ellis LLP is serving as legal counsel, and Grant
Thornton is serving as auditor to BigBear.ai. Oppenheimer & Co
Inc. is serving as Capital Markets Advisor and Placement Agent, and
BMO Capital Markets is serving as Exclusive Financial Advisor, DLA
Piper LLP (US) is serving as legal counsel, and BPM LLP is serving
as auditors to GigCapital4. Mayer Brown LLP is serving as legal
counsel to Oppenheimer & Co Inc., BMO Capital Markets and
William Blair.
About BigBear.ai
A leader in decision dominance for more than 20 years,
BigBear.ai operationalizes artificial intelligence and machine
learning at scale through its end-to-end data analytics platform.
The company uses its proprietary AI/ML technology to support its
customers' decision-making processes and deliver practical
solutions that work in complex, realistic, and imperfect data
environments. In addition, BigBear.ai's composable AI-powered
platform solutions work together as often as they stand alone:
Observe (data ingestion and conflation), Orient (composable machine
learning at scale), and Dominate (visual anticipatory intelligence
and optimization).
BigBear.ai's customers, which include the U.S. Intelligence
Community, Department of Defense, the U.S. Federal Government, as
well as customers in the commercial sector, rely on BigBear.ai's
high-value software products and technology to analyze information,
identify and manage risk, and support mission-critical decision
making. Headquartered in Columbia, Maryland, BigBear.ai has
additional locations in Virginia, Massachusetts, Michigan, and
California. For more information, please visit: http://bigbear.ai/
and follow BigBear.ai on Twitter: @BigBearai.
About GigCapital4
GigCapital4, Inc. is a Private-to-Public Equity (PPE)™ company,
also known as a blank check company or special purpose acquisition
company (SPAC), focusing on the technology, media and
telecommunications (TMT) and sustainable industries. It was
sponsored by GigAcquisitions4, LLC, which was founded by
GigFounders, LLC, each a member entity of GigCapital Global, and
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or similar business combination with one or more businesses.
“Private-to-Public Equity (PPE)” and “Mentor Investor” are
trademarks of GigFounders, LLC, an affiliate GigCapital4, and are
used pursuant to agreement.
About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in
Aerospace, Defense & Government Services, Space, Power &
Utility Services, and Specialty Industrial markets. AE Industrial
Partners invests in market-leading companies that can benefit from
our deep industry knowledge, operating experience, and
relationships throughout our target markets. AE Industrial Partners
is a signatory to the United Nations Principles for Responsible
Investment and the ILPA Diversity in Action initiative. Learn more
at www.aeroequity.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including the business combination between GigCapital4 and
BigBear.ai and the closing of those transactions, and statements
regarding BigBear.ai’s management team’s expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
future, including possible business combinations, revenue growth
and financial performance, product expansion and services. Any
statements contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. In addition,
any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on our current expectations and beliefs made by the
management of GigCapital4 and BigBear.ai in light of their
respective experience and their perception of historical trends,
current conditions and expected future developments and their
potential effects on BigBear.ai and GigCapital4 as well as other
factors they believe are appropriate in the circumstances. There
can be no assurance that future developments affecting BigBear.ai
or GigCapital4 will be those that we have anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties) or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, including regulatory approvals, the
ability of the post-combination company to meet the NYSE listing
standards, product and service acceptance, and that BigBear.ai will
have sufficient capital to operate as anticipated. Should one or
more of these risks or uncertainties materialize, or should any of
our assumptions prove incorrect, actual results may vary in
material respects from those projected in these forward-looking
statements. Additional factors that could cause actual results to
differ are discussed under the heading “Risk Factors” and in other
sections of GigCapital4’s filings with the SEC, and in
GigCapital4’s current and periodic reports filed or furnished from
time to time with the SEC. All forward-looking statements in this
press release are made as of the date hereof, based on information
available to GigCapital4 and BigBear.ai as of the date hereof, and
GigCapital4 and BigBear.ai assume no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
_______________________ 1 MarketsAndMarkets, Inc., May, 2021
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version on businesswire.com: https://www.businesswire.com/news/home/20211207006052/en/
For BigBear.ai: Reevemark Paul Caminiti/Delia Cannan/Pam
Greene 212-433-4600 bigbear.ai@reevemark.com For
GigCapital4: ICR Brian Ruby Brian.ruby@icrinc.com For AE
Industrial Partners: Lambert & Co. Jennifer Hurson
845-507-0571 jhurson@lambert.com Caroline Luz 203-656-2829
cluz@lambert.com
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