Veritas Capital Announces $1.1 Billion Sale of Epiq Solutions to TTM Technologies

TTM Technologies (NASDAQ: TTMI) agreed to acquire EPIQ Design Solutions LLC and its subsidiaries (“Epiq”) from an affiliate of Veritas Capital for a $1.1 billion purchase price.

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NEW YORK & CHICAGO--(BUSINESS WIRE)-- Veritas Capital (“Veritas”), a leading investor at the intersection of technology and government, today announced that an affiliate of Veritas, through its Vantage strategy, has entered into a definitive agreement to sell EPIQ Design Solutions LLC and its subsidiaries (“Epiq” or “the Company”) to TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, for a purchase price of $1.1 billion. The transaction is subject to customary regulatory conditions and is expected to close by the end of 2026.

Founded in 2009, Epiq is a premier provider of specialized radio technology serving customers across the commercial, government, and defense sectors. Through open-architecture, commercial software-defined radios (SDRs) and embedded computing, Epiq delivers rapidly deployable solutions that address critical Department of War priorities. The Company has developed a reputation for high-performance, size- and energy-efficient technology that drives superior interoperability across diverse defense platforms, positioning them for continued growth across SIGINT, electronic warfare, unmanned systems, and space applications.

Following Veritas’ acquisition in 2022, Epiq evolved from a leading provider of small-form-factor software-defined radio solutions into a broader mission-critical RF and embedded computing platform. With Veritas’ support, the Company invested in organic product innovation while executing a strategic M&A program, completing acquisitions of Xiphos Systems and Cyber Radio Solutions, which respectively expanded Epiq into space-based computing and strengthened its high-performance RF capabilities. Together, these investments broadened Epiq’s addressable markets and enhanced its ability to support increasingly complex, multi-domain missions across air, land, sea, and space.

“Over the last four years, we had the opportunity to leverage Veritas’ deep expertise and network at the intersection of technology and government, enabling Epiq to evolve its platform to address mission-critical demands across ground, air, maritime, and space environments,” said John Orlando, CEO of Epiq. “We thank Veritas for its support and collaboration and look forward to partnering with TTM as we enter our next phase of growth.”

“We are proud to have partnered with Epiq during these past four years, bringing our deep heritage in defense technology to help accelerate its growth, expand its capabilities and position the business for continued success. John and the Epiq team have successfully executed on our strategic growth plan while maintaining the delivery of outstanding solutions to customers and a relentless commitment to excellence,” Jeffrey Wu, Partner on the Vantage Private Equity team at Veritas Capital said. “The Epiq partnership underscores Veritas’ commitment to growing and adding lasting value to mission-critical businesses in the aerospace and defense industries. We wish the Epiq management team all the best in their next phase of growth.”

Goldman Sachs & Co. LLC served as lead financial advisor to Epiq, with Robert W. Baird & Co. Incorporated serving as co-advisor. Latham & Watkins LLP served as legal advisor to Epiq and Veritas.

About Epiq Solutions

Epiq develops cutting-edge RF tools that provide situational awareness and detailed insight into RF environments. With more than a decade serving governments and enterprises, and thousands of devices fielded, Epiq understands speed, cost, and performance for mission-critical applications. Epiq’s radically small, state-of-the-art software-defined radio solutions and turnkey RF tools lead the way in minimizing size, weight, and power consumption. For more information, visit www.epiqsolutions.com.

About Veritas Capital

Veritas is a long-standing technology investor with over $54 billion of assets under management and a focus on companies operating at the intersection of technology and government. The firm invests in companies that provide mission-critical products, services and software, primarily technology and technology-enabled solutions, to government and commercial customers worldwide. Veritas seeks to create value by strategically transforming the companies in which it invests through organic and inorganic means. Leveraging technology to make a positive impact across vitally important areas, such as healthcare, education, energy and national security, is core to the firm. Veritas is a proud steward of national and global assets, focused on improving the quality of healthcare while reducing cost, advancing educational systems, accelerating energy transition and protecting our nation and allies. For more information, visit www.veritascapital.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260816891051/en/

Veritas Capital
Prosek Partners
Pro-Veritas@Prosek.com

Source: Veritas Capital

Key Terms

software-defined radios technical

A radio system that uses software running on processors or programmable chips to perform functions traditionally done by fixed hardware parts (like filters, modulators and mixers). Think of it like replacing a shelf of single-purpose appliances with a smartphone app that can mimic them: the same device can be reconfigured to work with different frequencies, protocols or features through software updates. For investors, that flexibility affects product development speed, upgrade cycles, manufacturing scale and the ability to serve multiple markets with one platform.

embedded computing technical

Embedded computing involves specialized computer systems integrated into everyday devices and machinery to perform specific tasks. These systems run continuously behind the scenes, controlling functions like vehicle safety features, household appliances, or industrial equipment. For investors, understanding embedded computing highlights how technology is embedded into the products we use daily, driving innovation and creating new opportunities across many industries.

sigint technical

Signals intelligence (SIGINT) is the collection and analysis of electronic communications and transmissions—like phone calls, radio, or satellite data—to learn about intentions, capabilities, or activities. For investors, SIGINT drives demand for companies that make sensors, secure networks, data analysis tools and encryption, and it influences government spending, national security policies, export controls and cyber-risk assessments that can materially affect valuations and contracts. Think of it as electronic eavesdropping that shapes where governments and corporations direct money and attention.

electronic warfare technical

Electronic warfare involves using technology to disrupt, deceive, or disable an opponent’s electronic systems, such as communication networks, radar, or navigation signals. It is like jamming or scrambling a radio or GPS to prevent others from receiving clear information. For investors, it matters because advances in electronic warfare can impact military capabilities, influence global security, and affect the stability of markets and technological investments.