ManTech Closes Purchase of Aegis Research
- By William Welsh
- Aug 06, 2002
ManTech International Corp. has completed the acquisition of enterprise protection and technical services firm Aegis Research Corp., the company announced Aug. 6.
ManTech of Fairfax, Va., paid $69.1 million to purchase Aegis Research of Falls Church, Va. The closing of the transaction finalizes the terms of the definitive agreement entered into by the two companies July 1.
ManTech plans to fund the acquisition using proceeds from its initial public offering, which was in February. Quarterdeck Investment Partners LLC of Los Angeles acted as the financial advisor to Aegis Research on the transaction, according to ManTech.
Mantech picked up 530 new employees in the deal, the company said.
As part of Mantech International Corp., Aegis Research will operate as ManTech Aegis Research Corp. under the National Security Solutions Group, Mantech's largest division. Evan Hineman will serve as the president of the new entity.
ManTech Aegis Research Corp. supports customers and program within the Department of Defense and national intelligence community, including the National Reconnaissance Office, Air Force, Joint Strike Fighter Program and the Counterintelligence Field Activity Program. It also supports classified customers on special access programs.
ManTech reported revenue of $431 million and earnings of $800,000 in 2001, according to Hoover's Online, a business research branch of Hoover's Inc. of Austin, Texas.
William Welsh is a freelance writer covering IT and defense technology.