ManTech International (NASDAQ:MANT) has announced it has signed a definitive agreement to acquire InfoZen for $180 million in cash.
As quoted in the press release:
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.”
Click here to read the full press release.
