ManTech International Corporation (NASDAQ:MANT) has signed a definitive agreement to acquire the business of HBGary, Inc. of Sacramento, Ca. The transaction, structured as an asset purchase and subject to certain closing conditions, is expected to be completed in March.
HBGary provides a comprehensive suite of software products to detect, analyze, and diagnose Advanced Persistent Threats (APT) and targeted malware. The company has an impressive list of commercial customers in the financial services, energy, critical infrastructure and technology sectors. The business will be an integral part of ManTech's broad cyber security offering.
"This acquisition enhances our capabilities in the growing cyber security market," said L. William Varner, president and chief operating officer of ManTech's Mission, Cyber and Technology Solutions group. "Our recent hire of Ken Silva, who will lead this new business unit, was instrumental in enabling ManTech to further develop its cyber security strategy. The HBGary leadership team are recognized thought leaders in this market. The combination of ManTech and HBGary will create a broader cyber security solution capability for both our commercial and government customers."
"ManTech will give HBGary significant and positive growth, expanding our opportunities," said HBGary CEO Greg Hoglund. "HBGary's commercial customers will benefit from the addition of ManTech's world-class incident response services, and ManTech's government business will be bolstered with a cutting edge set of products to protect mission-critical IT assets."
"We're taking steps to expand in new growth markets, just as we have always done," said ManTech Chairman and CEO George J. Pedersen. "ManTech has a history of taking the skills we have gained in our core business and applying it to new customers and new missions. We look forward to adding HBGary into the ManTech family as we apply our combined cyber capabilities to important commercial customers."
Source: ManTech International Corp.
Date: Feb 28, 2012