ManTech International Corporation (NASDAQ: MANT) a leading provider of innovative technologies and solutions for mission-critical national security programs, announced today that it has signed a definitive agreement to acquire the assets of QinetiQ North America's Security and Intelligence Solutions (S&IS) business for $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 shortly and be accretive to ManTech's earnings per share in 2011.
Headquartered in Fairfax, Va., with a major presence in Huntsville, Ala., S&IS provides integrated security solutions to the Department of Defense and the intelligence community. S&IS generates solid operating margins and expects to produce approximately $60 million in revenue in 2010. S&IS recently won a prime position on the Missile Defense Agency Engineering and Support Services (MiDAESS) contract (Functional Group 6), a five-year indefinite delivery/indefinite quantity contract with a ceiling of $365 million. The S&IS business will be integrated within ManTech's Mission, Cyber and Technology Solutions group, led by L. William Varner.
"This acquisition is consistent with ManTech's long-term strategy to continue extending our presence in the defense and intelligence markets," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "The addition of S&IS's market-leading 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 full-scope security services to new and current ManTech customers."
"S&IS is a natural fit with ManTech," said Bill Torpey, senior vice president, Security and Intelligence Solutions, QinetiQ. "The MiDAESS contract encompasses the full range of 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."
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