Controversial spyware firm Paragon to go public by end of year

The spyware manufacturer Paragon Solutions will soon become part of a publicly traded company, adding more transparency to its business activities while also signaling the firm has growing ambitions.

Paragon is owned by the Florida-based private equity firm AE Industrial Partners, which previously merged the spyware maker with REDLattice. RedLattice is a cyber defense firm that provides what it calls “lawful intercept” solutions for military, defense and law enforcement agencies.

For the twelve-month period that ended in June, Paragon and REDLattice earned $267 million in combined revenue, a 29% increase in growth year-over-year.

REDLattice said Monday that it is combining itself with the special purpose acquisition company Bold Eagle Acquisition Corp., which is listed on the Nasdaq exchange, according to a REDLattice press release. The company plans to close the deal around the end of the year at which point Paragon will begin trading on Nasdaq under the REDLattice umbrella.

“This transaction provides the capital and public market currency to accelerate our organic growth, expand our product portfolio and pursue disciplined M&A across adjacent mission-critical capabilities, while continuing to deliver for our government customers who depend on us every day,” REDLattice CEO Andy Boyd said in a Monday statement.

CTech, an arm of the Israeli news outlet Calcalist, was first to report the development. Paragon’s research and development hub is still located in Israel despite the firm having been acquired by AE Industrial Partners.

In January 2025, WhatsApp revealed that Paragon spyware had been used to target about 90 of its users with spyware. Several journalists, human rights workers and other members of civil society came forward in the following weeks, saying their devices were targeted with the spyware, known as Graphite.

The decision to go public signals “the spyware vendor's ambition and investor confidence,” said Jen Roberts, associate director and fellow of cyber threats and digital policy with the Atlantic Council’s  Cyber Statecraft Initiative (CSI).

Once listed on Nasdaq, Paragon will be obligated to share more about its activities in public SEC filings, which Roberts said will make transparency and accountability easier.

“Public companies face disclosure requirements, and shareholders gain real levers, from proxy votes to divestment, to shape how the company behaves,” Roberts said via email. 

At the same time, she said, for policymakers trying to “curb proliferation of these capabilities, this isn’t a good sign."