Acquisition expands cyber security solutions offering to commercial market
FAIRFAX, Va.--(BUSINESS WIRE)-- ManTech International Corporation (NASDAQ:MANT) has signed a definitive agreement to acquire the business of HBGary, Inc. of Sacramento, Ca. The transaction, structured as an asset purchase and subject to certain closing conditions, is expected to be completed in March.
HBGary provides a comprehensive suite of software products to detect, analyze, and diagnose Advanced Persistent Threats (APT) and targeted malware. The company has an impressive list of commercial customers in the financial services, energy, critical infrastructure and technology sectors. The business will be an integral part of ManTech's broad cyber security offering.
"This acquisition enhances our capabilities in the growing cyber security market," said L. William Varner, president and chief operating officer of ManTech's Mission, Cyber and Technology Solutions group. "Our recent hire of Ken Silva, who will lead this new business unit, was instrumental in enabling ManTech to further develop its cyber security strategy. The HBGary leadership team are recognized thought leaders in this market. The combination of ManTech and HBGary will create a broader cyber security solution capability for both our commercial and government customers."
"ManTech will give HBGary significant and positive growth, expanding our opportunities," said HBGary CEO Greg Hoglund. "HBGary's commercial customers will benefit from the addition of ManTech's world-class incident response services, and ManTech's government business will be bolstered with a cutting edge set of products to protect mission-critical IT assets."
"We're taking steps to expand in new growth markets, just as we have always done," said ManTech Chairman and CEO George J. Pedersen. "ManTech has a history of taking the skills we have gained in our core business and applying it to new customers and new missions. We look forward to adding HBGary into the ManTech family as we apply our combined cyber capabilities to important commercial customers."
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 departments of Defense, State, Homeland Security, Energy and Justice, including the Federal Bureau of Investigation; the space community; the National Oceanic and Atmospheric Administration; and other U.S. federal government customers. We provide support to critical national security programs through 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 modernization and sustainment, systems engineering, and test and evaluation. 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," "estimate," or "continue," 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 successfully integrate recently acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; failure to identify, execute or effectively integrate future acquisitions; adverse changes in U.S. government spending priorities; failure to retain existing U.S. government contracts, win new contracts or win recompetes; adverse changes in future levels of expenditures for programs we support caused by budgetary pressures facing the federal government and changing mission priorities; failure to obtain option awards, task orders or funding under contracts; failure to maintain strong relationships with other contractors; adverse changes in our mix of contract types; adverse results of U.S. government audits of our government contracts; risk of contract performance, modification or termination; and risks associated with complex U.S. government procurement laws and regulations; and competition. 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
Lauren Kushin, 703-218-6406
Source: ManTech International Corporation
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