E-Bird Newsletter

June 9 E-Bird newsletter: Nodal Exchange to Expand Headquarters in Fairfax County + Weekly Fairfax County Business News Digest

Nodal Exchange to Expand Headquarters in Fairfax County

Earlier today, Governor Glenn Youngkin announced that Nodal Exchange, a Fairfax County-based derivatives exchange providing price, credit, and liquidity risk management solutions to participants in the North American commodities markets, will increase capacity at its headquarters located at 1921 Gallows Road in Tysons. The expansion will create 37 new jobs.

“Nodal Exchange was founded in Fairfax County, which we believe is an ideal location for attracting and retaining an outstanding professional team necessary for operating a derivatives exchange and clearing house, and we are thrilled to be able to continue to grow and further expand here. It is a wonderful location with a highly educated and diverse workforce,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “It is also centrally located for our trading and clearing community and in close proximity to our regulators in Washington, D.C.”

“Nodal Exchange offers the largest suite of power and environmental contracts in the world, and we are proud that this Virginia-grown business manages risk in such a critical market, resulting in impressive growth at its headquarters in Fairfax County,” said Governor Youngkin. “Northern Virginia boasts a deep bench of talent to support a range of industries, and we are pleased to see another corporate partner expand and create 37 high-quality jobs.”

Click here to read more.


Weekly News Digest

Raytheon HQ coming to NoVa: Aerospace and defense giant Raytheon Technologies announced Tuesday that it will relocate its global headquarters from Boston, Massachusetts to Arlington, Virginia in the third quarter of this year, a move that will see four of the world’s five largest aerospace and defense contractors headquartered in Northern Virginia Economic Development Alliance jurisdictions. Raytheon’s announcement comes after Boeing said in May that it would move its global headquarters from Chicago to Northern Virginia. Raytheon, the second-largest defense company in the world, joins Northrop Grumman in Falls Church and General Dynamics in Reston. With the world’s largest defense company Lockheed Martin based in Bethesda, Maryland, the National Capital Region will now be the home to all five world’s largest aerospace and defense contractors. Virginia Business and The Washington Post have more.

“Raytheon’s decision to move their headquarters to Northern Virginia is yet another example of a major global corporation choosing to base their operations here,” said Victor Hoskins, president and CEO of the Fairfax County Economic Development Authority. “This move, among other recent announcements by major aerospace and defense corporations, is a testament to the unparalleled access and resilient business environment we provide here in the Greater Washington, D.C., region.”

Destination Reston: General contracting firm Winmar Construction, one of the largest private companies in Greater Washington, is moving its headquarters from Washington, D.C. to Reston, according to the Washington Business Journal in an article for subscribers. Rockville commercial real estate firm Edge said Tuesday it represented Winmar in a lease for 7,000 square feet at 2100 Reston Parkway. Winmar said it will maintain a presence in its Washington, D.C. space. The company also has regional offices in Miami and Baltimore.

Health-tech acquisition: Fairfax consulting and digital services firm ICF International reached a deal to purchase Herndon digital health services company SemanticBits for $220 million, reported the Washington Business Journal in an article for subscribers. SemanticBits is a regular partner with federal health agencies on digital modernization efforts, primarily the Centers for Medicare & Medicaid Services. It employs more than 450 technologists and federal health practitioners, and conducts work on more than 30 technology platforms.

Veteran and Military Spouse Career Fair: The Fairfax County Economic Development Authority hosted its second bi-annual Veteran and Military Spouse Career Fair, connecting over 400 former service members and military spouses with 75 companies seeking to expand their workforce through in-person and online engagements. FCEDA partnered with the Virginia Chamber Foundation and the Virginia Department of Veterans Services to present the event on May 11 and a virtual career fair on May 12. The career fair was aimed at providing veterans, transitioning military members and military spouses with hiring opportunities in government, information technology, finance, defense and other sectors in an effort to attract and retain talent in Northern Virginia. ExecutiveGov has more.

Fighting natural disasters: Reston-based SAIC is working on initiatives focused on how tech can help fight natural disasters and climate change, according to technical.ly in a feature article which includes interviews with Jay Meil, SAIC’s director of data science and artificial intelligence, and Stephen Ambrose, SAIC’s chief climate scientist. According to the article, SAIC works with such entities as NASA, the Department of Defense and NOAA to mitigate climate change’s impact. SAIC’s current initiatives include projects with the U.S. Navy, determining how sea-level rise will impact naval infrastructure; and with NASA and the Forest Service to gear up for wildfire season. Alongside AI and machine learning, the company is developing virtual reality, drone work and a technology called “artificial intuition,” which helps firefighters understand the massive amounts of data collected and how to react to the disasters at that moment.

Space layering: Falls Church area-based Northrop Grumman will work with Melbourne, Florida-based Aeronix to build a Space End Crypto Unit prototype that will link across common architecture weapons systems and other platforms in low-Earth orbit under a Department of Defense contract to support DOD’s goal of connecting the joint force, reported ExecutiveBiz. “Our open architecture space mesh networking prototype enables new capabilities in Space Layer Networking to address emerging and evolving customer needs,” according to Kevin Berkowitz, director of network solutions at Northrop Grumman.

Done deal: Centreville-based Parsons completed its $400 million acquisition of Reston-based Xator. The deal was first announced in May. Xator, which expects to record $300 million in revenue this year, provides infrastructure protection and technical services to defense and intelligence agencies. Parsons said the acquisition expands its presence within the U.S. Special Operations Command and intelligence community, as well as within the federal civilian and critical infrastructure markets. Army Technology has more.

Refinancing: Tysons-based Cvent, a developer of meetings, events and hospitality technology, said it has closed a new $500 million, five-year credit facility through a syndicate of banks, led by PNC Bank. The facility replaces the company’s current $266 million term loan facility and $40 million revolving credit facility. Cvent expects the refinancing to result in annual interest savings of approximately $4 million. Potomac Tech Wire carried the release.

Data for diplomacy: Consulting services firm Guidehouse received recognition from the U.S. Department of State for its data analytics efforts within the department, ExecutiveBiz reported. The Data for Diplomacy award is a new distinction given to select organization. Through a demonstration of its national security and advanced services, the award was extended to businesses that utilized data as a strategic asset in accordance with foreign policy missions.

Supply chain guards: Reston-based Mandiant and Arlington, Va.-based Interos have partnered in an effort to help enterprise and government customers avoid cyberattacks on supply chain operations through the use of risk intelligence. The two companies seek to introduce an offering that will allow organizations to use data-driven insights from Mandiant’s threat intelligence research and Interos’ software-as-a-service platform for supply chain risk management, ExecutiveBiz reported.

New software premiers: Tysons-based Capital One Financial Corp. is packaging cloud and data management software it developed for internal use into products it can sell to other businesses. Last week Capital One announced Capital One Software, a B2B software business for companies operating in the cloud. This division’s first product is Capital One Slingygushot, a data management tool for customers of Snowflake, a company that provides data warehousing, data engineering and other data services, according to American Banker.


Contract Wins

Booz Allen Hamilton obtained a $622.5 million contract from the NASA Cybersecurity and Privacy Enterprise Solutions and Services (CyPrESS) to provide a complete range of cybersecurity and privacy enterprise solutions and services for NASA’s Office of the Chief Information Officer. SpaceRef

Serco won a $334 million Shipbuilding Acquisition Program Management (SHAPM) Services contract from the Naval Sea Systems Command Team to provide program management, business and financial management, technical and engineering services, logistics, and foreign military support. citybiz


FCEDA Hosted and Sponsored Events

May 2 to June 16 — Smart City Challenge. Fairfax County Government, Refraction, the Community Foundation for Northern Virginia, Virginia Tech, and others will host the Smart City Challenge — an innovation competition for innovative solutions to the most pressing issues facing regions in transportation, health care, housing, infrastructure, public safety, and more. All entrepreneurs and students are welcome to join to win prizes, including cash, pilot opportunities (with Fairfax County, Dominion Energy, and Virginia Innovation Partnership), participation in Smart City Works and Dominion accelerator programs, membership at Refraction’s innovation hub, and business coaching. Click here to register.

June 13 — Getting to Normal Drone Operations in the FRZ. Deloitte McLean Office presents a panel discussion on normal drone operations lead by industry expert panelists. Click here to register.

June 16 — Incredible Inc.50 Awards. Join the US SME Council and Incredible Inc.50 for their first annual Awards Gala. Click here to register.


FCEDA is Here to Help Your Business Thrive

Fairfax County EDA is here to connect businesses of all kinds to resources and information. For direct assistance, email the FCEDA at info@fceda.org, or call 703-790-0600 to leave a voice message for our staff. And click here for resources available in the other nine jurisdictions that make up the Northern Virginia Economic Development Alliance.