Acquisition builds ManTech's presence in the healthcare IT market
FAIRFAX, Va.--(BUSINESS WIRE)-- ManTech International Corporation (NASDAQ:MANT) has completed the acquisition of ALTA Systems, Inc. of Fairfax, Va., an Information Technology (IT) and professional services company with valuable applications in healthcare systems and capital planning.
ALTA provides a broad range of IT and professional services to government and private industry in three major practice areas: capital planning and investment control; system design, development and operation; and fraud detection and statistical analysis.
The acquisition will enable ManTech to deliver technology services through ALTA's prime position on the Centers for Medicare and Medicaid Services (CMS) Enterprise Systems Development (ESD) contract, an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract vehicle with a $4 billion ceiling and period of performance through May 2018.
"This acquisition is consistent with our strategy to steadily expand our service offering in the growing healthcare market," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "ManTech will continue to pursue acquisition opportunities that help us drive organic growth and support our customers' critical missions. The Patient Protection and Affordable Care Act (PPACA) will require significant investment in IT systems and processes. With the acquisition of ALTA, ManTech is better positioned to help government programs and healthcare providers meet their responsibilities to provide efficient and comprehensive health care." ALTA will become part of ManTech's existing health care business.
ALTA CEO Cindy Perlberg added, "We are proud to become part of a company like ManTech, which has such a strong record and trusted name in IT. Our customers will benefit from the broader service offering of the combined company and our employees will benefit from expanded professional development opportunities."
ManTech used available cash to finance the acquisition. It does not expect the transaction to have a material impact on its 2013 financial results.
About ManTech International Corporation
ManTech is a leading provider of innovative technologies and solutions for mission-critical national security programs for the intelligence community; the Department of Defense, including its health organizations; the departments of State, Homeland Security, Energy and Justice, including the Federal Bureau of Investigation (FBI); the space community; and other U.S. federal government customers. We provide support to critical national security programs for approximately 60 federal agencies through approximately 1,000 current contracts. ManTech's expertise includes command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) lifecycle support; cyber security; global logistics support; intelligence/counter-intelligence support; information technology (IT) modernization and sustainment; systems engineering; test and evaluation; and health IT. ManTech supports major national missions, such as military readiness, terrorist threat detection, information security and border protection. Additional information on ManTech can be found at www.mantech.com.
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: adverse changes in U.S. government spending levels for programs we support due to budgetary constraints affecting federal government spending, changing mission priorities or other factors; adverse changes in our mix of contract types; failure to retain existing U.S. government contracts, win new contracts or win recompetes; failure to obtain option awards, task orders or funding under contracts; risk of contract renegotiation, performance, modification or termination; competition; failure to maintain strong relationships with other contractors; failure to successfully integrate recently acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; risks associated with complex U.S. government procurement laws and regulations; adverse results of U.S. government audits of our government contracts; risks of financing, such as increases in interest rates and restrictions imposed by our outstanding indebtedness, including the ability to meet financial covenants, and risks related to an inability to obtain new or additional financing; and failure to identify, execute or effectively integrate future acquisitions. These and other risk factors are more fully discussed in the section entitled "Risks Factors" in ManTech's Annual Report on Form 10-K previously filed with the Securities and Exchange Commission on Feb. 24, 2012, 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 International Corporation
Sally Sullivan, 703-218-8291
Source: ManTech International Corporation
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