ManTech closes SRS Technologies deal
- By David Hubler
- May 08, 2007
ManTech International Corp. has closed its $170 million cash and credit acquisition of SRS Technologies Inc.
The acquisition will broaden the company's footprint in the high-end intelligence, homeland security and defense markets, the company said.
SRS of Newport Beach, Calif., is a privately held company specializing space-based radar and communications; chemical, biological, conventional and nuclear weapons detection and defense programs; and imagery intelligence. The company also provides aeronautic, space and information systems development.
More than 85 percent of SRS' revenue comes from the Homeland Security and Defense departments and the intelligence community. The company's main customers also include the Air Force, National Reconnaissance Office, National Geospatial-Intelligence Agency, Missile Defense Agency and Defense Advanced Research Projects Agency.
SRS had more than $750 million in contracted work as of March 2, 2007, and it expects to deliver more than $175 million in revenue in fiscal 2007, ending August 31, 2007. The company has 800 employees, 75 percent of whom hold security clearances, and more than 40 percent hold top secret or higher-level clearances, ManTech said.
As detailed in its May 1 earnings statement, ManTech expects SRS to deliver $120 million in revenue for the remainder of 2007, $27 million of which will come in the remainder of the second quarter.
ManTech of Fairfax, Va., has more than 6,000 employees and had annual sales of $1.1 billion in fiscal 2006. The company ranks No. 21
on Washington Technology's 2006 Top 100 list
of the largest federal IT contractors. The 2007 Top 100 list is due out May 14.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.