FAIRFAX, Va., April 28, 2015 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq:MANT) has completed the acquisition of Welkin Associates, Ltd., formerly a wholly-owned subsidiary of CSC, for $34 million. ManTech will fund the acquisition from cash on hand. The company expects Welkin to contribute solid growth and operating margins and to be accretive to ManTech's earnings per share in 2015.
Headquartered in Chantilly, Virginia, and founded in 1988, Welkin has built a strong, multi-decade legacy of success with its customers across the Intelligence Community and Department of Defense (DoD). Welkin delivers mission-centric services in high-end systems engineering and advanced national security technology and business services. Welkin's contributions to its customers are notable for technical depth and criticality for mission execution.
The acquisition strategically positions ManTech to pursue large engineering and support opportunities throughout the Intelligence Community and DoD. The acquisition brings highly skilled employees, virtually all directly supporting intelligence missions. Welkin will become part of ManTech's Mission, Cyber & Intelligence Solutions Group, led by L. William Varner.
"We are pleased to welcome the extraordinary people of Welkin to the ManTech family," said ManTech Chairman and Chief Executive Officer George J. Pedersen. "This acquisition is consistent with ManTech's strategy to expand and strengthen our presence in high-end intelligence markets. ManTech is a solution and mission-driven organization that will benefit greatly from Welkin's market-leading capabilities and focus on developing new ways to help our customers solve people, process, and technology challenges in space and intelligence community markets."
"Welkin looks forward to joining ManTech to leverage its spectrum of solutions for existing and new customers," said Al Smith, Vice President and General Manager of Welkin Associates. "We are a natural fit with ManTech and its Intelligence Community focus and commitment to mission. We look forward to a seamless transition of our existing work and aggressive pursuit of new opportunities."
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, Veterans Affairs, and Justice, including the Federal Bureau of Investigation; the health and space communities; and other U.S. federal government customers. We provide support to critical national security programs for approximately 50 federal agencies through more than 1,000 current contracts. ManTech's expertise includes cyber security; command, control, communications, computers, intelligence, surveillance, and reconnaissance (C4ISR) solutions and services; information technology (IT) modernization and sustainment; intelligence/counter-intelligence solutions and support; systems engineering; healthcare analytics and IT; global logistics support; test and evaluation; and environmental, range, and sustainability services. ManTech supports major national missions, such as military readiness and wellness, 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 or delays in U.S. government spending for programs we support due to cost cutting and efficiency initiatives, changing mission priorities or other federal budget constraints generally; delays in the competitive bidding process caused by competitors' protests of contract awards received by us or other factors; uncertainty regarding the timing and nature of government action to complete the budget and appropriations process, continue federal government operations or address budgetary constraints or other factors; failure to compete effectively for new contract awards or to retain existing U.S. government contracts; failure to obtain option awards, task orders or funding under contracts; renegotiation, modification or termination of our contracts; failure to perform in conformity with contract terms or our expectations; failure to realize the full amount of our backlog or adverse changes in the timing of receipt of revenues under contracts included in backlog; 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 successfully identify and execute future acquisitions; disruption of our business or damage to our reputation resulting from security breaches in customer systems, internal systems or service failures (including as a result of cyber or other security threats) or employee or subcontractor misconduct; adverse changes in business conditions that may cause our investments in recorded goodwill to become impaired; non-compliance with, or adverse changes in, complex U.S. government procurement laws, regulations or processes; failure to maintain strong relationships with other contractors; 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. 20, 2015, 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.
CONTACT: ManTech International Corporation Lynn Davis, 703-259-3636 firstname.lastname@example.org
Source:ManTech International Corporation