As mid-tier players merge, could defense giants lose some market share?

It seems to be buying season for mid-tier government contractors. And the effect on competition among the larger companies will be fascinating the watch.

Certainly, the latest acquisition news — that Accenture Federal Services LLC will buy Agilex Technologies Inc.— doesn’t create a massive defense company, nipping at the heels of those that tout many billions of dollars in annual revenue. Agilex had about $140 million in 2013 revenue and 540 employees, and while Accenture is a $30 billion company,…