HERNDON, Va., Sept. 18, 2017 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq:MANT) announced today that it has signed a definitive agreement to acquire InfoZen for $180 million in cash. InfoZen is a leading IT solutions provider with domain expertise in modernization, agile / DevOps software development, cloud migration, and threat monitoring and assessment capabilities in support of critical national and homeland security missions. ManTech currently has no debt and will fund the acquisition from cash on hand with additional funding from its existing line of credit. ManTech expects the acquisition to be slightly accretive to its earnings per share in 2017.
Headquartered in Bethesda, MD, privately held and founded in 1995, InfoZen has built a strong legacy of successfully delivering next-generation mission IT solutions to transform legacy environments for its customers. InfoZen’s customer presence is primarily within the federal civilian market and it has long-standing relationships with the Department of Homeland Security (DHS) and the National Aeronautics and Space Administration (NASA). The acquisition adds over 300 highly skilled employees.
“This acquisition is consistent with ManTech’s long-term strategy to expand our presence in the federal civilian market and enhance our capabilities in IT modernization,” said ManTech’s Chairman and Chief Executive Officer, George J. Pedersen. “The combination will substantially increase ManTech’s already strong footprint at DHS, making it one of the largest providers of IT services across the department.”
“We are pleased to welcome InfoZen’s talented employees, differentiated capabilities and important customers,” said ManTech’s President and Chief Operating Officer, Kevin M. Phillips. “We are confident this strategic combination will help us better meet our clients' mission-critical needs, strengthen our enterprise and mission IT offerings and provide continued growth.”
Raj Ananthanpillai, Chief Executive Officer, InfoZen said, “We are proud to become a part of a company like ManTech. Combining with ManTech allows InfoZen to offer broader solutions to our national security customer base and expand our IT modernization capabilities reach across the government. Additionally, our mission-focused cultures are well aligned and our employees will benefit from expanded professional development opportunities.”
The acquisition is subject to various closing conditions and approvals, including approval under the Hart-Scott-Rodino Act, and is expected to be completed in October 2017. The parties will enter into a 338(h)(10) election for tax purposes.
About ManTech International Corporation
ManTech provides innovative technologies and solutions for mission-critical national security programs for the intelligence community; the departments of Defense, State, Homeland Security, Health and Human Services, Veteran Affairs, and Justice, including the Federal Bureau of Investigation (FBI); the health and space community; and other U.S. Government customers. ManTech's expertise includes cybersecurity; software and systems development; enterprise information technology; multi-discipline intelligence; command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR); program protection and mission assurance; systems engineering; supply chain management and logistics; test and evaluation (T&E); training; and management consulting. Additional information on ManTech can be found at www.mantech.com.
