ManTech buys QinetiQ NA’s security, intelligence business
ManTech will fund the $60M acquisition with cash
- By David Hubler
- Sep 30, 2010
ManTech International Corp. will purchase the assets of QinetiQ North America’s Security and Intelligence Solutions business for $60 million, funded from cash on hand, the company said in an announcement today.
S&IS provides integrated security solutions to the Defense Department and the intelligence community, and is expected to produce approximately $60 million in revenue in 2010, the statement added.
The unit will be integrated within ManTech’s Mission, Cyber and Technology Solutions group, led by L. William Varner.
“This acquisition is consistent with ManTech’s long-term strategy to continue extending our presence in the defense and intelligence markets,” said ManTech chairman and CEO George Pedersen, in the statement.
S&IS, of Fairfax, Va., recently won a prime position on the Missile Defense Agency Engineering and Support Services contract, a five-year indefinite delivery, indefinite quantity contract worth as much as $365 million.
The addition of S&IS’s will allow ManTech to offer comprehensive solutions for the full range of security threats – from physical through cyber, Pedersen added.
A QinetiQ spokesman said the sale was not prompted by concern about the organizational conflict of interest law.
"The answer is no. QinetiQ North America is aligning their business strategically with certain core capabilities, and this unit's work, while solid and valuable, fell largely outside those capabilities," he said.
The transaction is subject to certain closing conditions, is expected to be completed shortly and be accretive to ManTech’s earnings per share in 2011, the statement said.
ManTech International, of Fairfax, Va., ranks No. 31 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors. QinetiQ NA, of McLean, Va., ranks No. 40 on the list.
David Hubler is the former print managing editor for GCN and senior editor for Washington Technology. He is freelance writer living in Annandale, Va.