ManTech to Acquire Kforce Government Solutions
March 01 2019 - 7:30AM
ManTech International Corporation (Nasdaq:MANT) announced
today that it has signed a definitive agreement to acquire Kforce
Government Solutions, Inc. (KGS), formerly a wholly-owned
subsidiary of Kforce, Inc. for $115 million in cash.
Headquartered in Fairfax, VA, KGS provides technology
solutions, transformation management, data management and analytics
in support of federal health and defense missions. KGS has built a
strong legacy of success with its customers particularly within the
Department of Veterans Affairs (VA). The acquisition adds over 500
highly skilled employees to the ManTech team. In 2018, KGS
generated approximately $98 million of revenue and has
profitability comparable to ManTech.
The combination will substantially increase ManTech’s footprint
at the VA and enable ManTech to deliver services through the VA’s
Transformation Twenty-One Total Technology Next Generation (T4NG)
program. The T4NG program is a 10-year indefinite delivery,
indefinite quantity (IDIQ) contract awarded by the VA Technology
Acquisition Center (TAC) to help the VA transform its information
technology programs.
“This acquisition is consistent with ManTech’s targeted federal
civilian expansion strategy. We are pleased to welcome KGS’
talented employees, differentiated capabilities and important
customers,” said ManTech’s President and Chief Executive Officer,
Kevin M. Phillips.
Maureen Coyle, Chief Executive Officer, KGS said, “We are
thrilled to become a part of ManTech. This strategic combination
will help us better meet our clients’ needs by broadening and
deepening our solution offerings. Additionally, our cultures are
well aligned and our employees will benefit from expanded
professional development opportunities.”
ManTech 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 earnings per
share in 2019. 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 March
2019.
About ManTech International Corporation
ManTech provides mission-focused technology
solutions and services for U.S. defense, intelligence community and
federal civilian agencies. In business more than 50 years, we
excel in full-spectrum cyber, data collection & analytics,
enterprise IT, systems and software engineering solutions that
support national and homeland security. Additional information
on ManTech can be found at www.mantech.com.
Forward-Looking Information
Statements and assumptions made in this press
release, which do not address historical facts, constitute
“forward-looking” statements that ManTech believes to be within the
definition in the Private Securities Litigation Reform Act of 1995
and involve risks and uncertainties, many of which are outside of
our control. Words such as “may,” “will,” “expect,” “intend,”
“anticipate,” “believe,” or “estimate,” or the negative of these
terms or words of similar import, are intended to identify
forward-looking statements.
These forward-looking statements are inherently
subject to risks and uncertainties, and actual results and outcomes
may differ materially from the results and outcomes we anticipate.
Factors that could cause actual results to differ materially from
the results we anticipate include, but are not limited to, the
following: failure to maintain our relationship with the U.S.
government, or compete effectively for contract awards; inability
to recruit and retain sufficient number of employees with
specialized skill sets or necessary security clearances who are in
great demand and limited supply; adverse changes in U.S. government
spending for programs we support, whether due to changing mission
priorities, socio-economic policies, cost reduction initiatives by
our customers, or other federal budget constraints generally;
disruption of our business or damage to our reputation resulting
from security breaches in customer systems, internal systems
(including as a result of cyber or other security threats), or
employee misconduct; failure to realize the full amount of our
backlog or adverse changes in the timing of receipt of revenues
under contracts included in backlog; issues relating to competing
effectively for awards procured through the competitive bidding
process; failure to obtain option awards, task orders or funding
under contracts; renegotiation, modification or termination of our
contracts, or failure to perform in conformity with contract terms
or our expectations; failure to successfully integrate acquired
companies or businesses into our operations or to realize any
accretive or synergistic effects from such acquisitions;
non-compliance with, or adverse changes in, complex U.S. government
laws, procurement regulations or processes; and adverse results of
U.S. government audits or other investigations of our government
contracts. These and other risk factors are more fully discussed in
the section entitled "Risk Factors" in ManTech's Annual Report on
Form 10-K previously filed with the Securities and Exchange
Commission on Feb. 22, 2019, Item 1A of Part II of our Quarterly
Reports on Form 10-Q, and, from time to time, in ManTech's other
filings with the Securities and Exchange Commission.
The forward-looking statements included herein
are only made as of the date of this press release, and ManTech
undertakes no obligation to publicly update any of the
forward-looking statements made herein, whether as a result of new
information, subsequent events or circumstances, changes in
expectations or otherwise.
ManTech-F
ManTech International Corporation
Investor
Relations |
|
Judy Bjornaas |
Stephen Vather |
Executive Vice
President and CFO |
Executive Director,
Corporate Development |
(703) 218-8269 |
(703) 218-6093 |
Investor.Relations@ManTech.com |
Stephen.Vather@ManTech.com |
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MediaSue CushingVice President, Corporate
Communications(703) 814-8369Sue.Cushing@ManTech.com |
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A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/c0b4dd64-a8e9-4fa4-b3ad-c064651162d0
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