"Millennium Space Systems will operate under Boeing Phantom Works as a subsidiary called Millennium Space Systems, A Boeing Company," the release said. "It will retain an independent operating model while benefiting from Boeing's resources, scale, manufacturing capability and technology research as the leading provider of aerospace products and services."
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Millennium specializes in military satellites and its primary customer is the US Air Force, according to published reports. Terms of the deal were not disclosed.
Headquartered in the state of California, Millennium has about 260 employees and has developed high-performance satellites and space systems ranging from 50 kg to more than 6,000 kg, the release explained.