Paragon Solutions, the company behind the Graphite spyware, plans to become a publicly traded company by merging with a special purpose acquisition company listed on Nasdaq, The Record reported Tuesday. The combined business will operate under the name of REDLattice, a cyber firm Paragon was merged with by their private equity owner.

What Happened

Paragon and REDLattice will combine with Bold Eagle Acquisition Corp., a blank-check company whose shares already trade on Nasdaq. The transaction is expected to close around the end of 2026. Both companies are owned by AE Industrial Partners, a Florida private equity firm, which had previously merged Paragon into REDLattice.

The combined company reported $267 million in revenue for the 12 months ended June 2026, a 29% increase from a year earlier, according to The Record. The article did not disclose a valuation for the deal. Paragon's research and development operations remain in Israel.

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REDLattice sells what it calls "lawful intercept" and cyber tools to military, defense and law enforcement agencies. Andy Boyd, REDLattice's chief executive, said the listing would give the company capital and a public-market currency to speed up organic growth, broaden its product line and make acquisitions while serving government customers.

Why It Matters

Commercial spyware makers have rarely operated as public companies. Most have been privately held, often with opaque ownership, and several have faced sanctions, lawsuits and export restrictions in the United States and Europe. A listed vendor would have to file regular financial reports with the Securities and Exchange Commission and disclose material risks, which could include its exposure to government investigations or litigation over misuse of its products.

Paragon's record draws particular scrutiny. In January 2025, WhatsApp said Graphite had been used to target about 90 of its users, and journalists and members of civil society later reported that their devices had been targeted. A U.S. public listing would put that history in front of a new audience of investors, auditors and securities regulators.

Jen Roberts of the Atlantic Council's Cyber Statecraft Initiative told The Record that SEC filings and shareholder accountability could bring more transparency to the company. She also cautioned that the listing signals ambitions that complicate efforts to limit the spread of spyware.

Context

Going public through a SPAC merger lets a company list faster and with less upfront scrutiny than a traditional IPO, since the blank-check company has already completed its own listing. The target still has to file detailed disclosures before shareholders of the SPAC vote on the deal.

The combination of offensive surveillance tools and defensive cyber services under one roof reflects a broader trend among government-focused security contractors, which sell both capabilities to the same defense and intelligence agencies.

What to Watch

The first major disclosure will come in the registration and proxy filings needed to complete the merger, which should describe revenue by segment, risk factors and possibly the types of government customers the company serves. Bold Eagle's shareholders must approve the deal, and they can redeem their shares rather than stay invested. Civil society groups that have tracked Graphite are likely to press for disclosure of any past misuse investigations.