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Raytheon Co. announced Monday that it has completed its acquisition of BBN Technologies Corp. for approximately $350 million.
Raytheon did not disclose terms when it first announced the deal to buy BBN in September. The Waltham-based defense and government research giant is planning to operate BBN under its Texas-based Raytheon Network Centric Systems (NCS) unit.
In 2004, Cambridge-based General Catalyst and California-based Accel Partners bought BBN from Verizon Communications Inc. The terms of that deal were not disclosed, but General Catalyst managing director David Fialkow has called the outcome for the investors “excellent.”
During the venture firms’ ownership, BBN’s management was turned back over to a team of inside executives, who focused on turning more marketable products out of the venerable Cambridge-based government contract research firm. The results included the company’s Boomerang shot detection service, now deployed widely by the U.S. military, and its 2007 spin-off of the video search startup EveryZing Inc., also based in Cambridge.
Founded in 1948, BBN is known historically for, among other innovations, the military Arpanet system that was a precursor to the Internet. Its employees have gone on to found at least 100 new startups.
Raytheon (NYSE: RTN) reported 2008 sales of $23.2 billion.
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