April 28, 2015
ManTech Acquires Welkin to Expand High-End Solutions to Intelligence and Defense Communities
Acquisition Positions ManTech to Pursue New Opportunities as an Advanced Technology Thought Leader
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 approximately 1,100 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. ManTechsupports 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.
ManTech International Corporation
Lynn Davis, 703-259-3636