ManTech International, a provider of technologies and solutions for mission-critical national security programs, has signed an agreement to acquire QinetiQ North America's Security and Intelligence Solutions (S&IS) business for US$60 million in cash. ManTech will fund the acquisition from cash on hand. The transaction is subject to certain closing conditions, is expected to be completed and be accretive to ManTech's earnings per share in 2011.
Headquartered in Fairfax, Virginia, with a major presence in Huntsville, Alabama, S&IS provides integrated security solutions to the Department of Defense and the intelligence community. S&IS generates operating margins and expects to produce approximately $60 million in revenue in 2010.
"This acquisition is consistent with ManTech's strategy to continue extending our presence in the defense and intelligence markets," said George Pedersen, Chairman and CEO, ManTech. "The addition of S&IS's capabilities positions ManTech as a major integrated security provider, allowing us to offer comprehensive solutions for the full range of security threats from physical through cyber. We see a solid pipeline of opportunities to provide security services to new and current ManTech customers.”
“S&IS is a natural fit with ManTech,” said Bill Torpey, Senior VP, Security and Intelligence Solutions, QinetiQ. “The contract encompasses integrated security solutions including cyber, allowing ManTech and S&IS to offer end-to-end, integrated security services under this contract. In addition, the acquisition provides expanded professional development opportunities for both S&IS and ManTech employees.”