ManTech Acquires Minerva Engineering to Expand Full-spectrum Cyber Capabilities

Rhea-AI Summary

ManTech International Corporation (Nasdaq: MANT) has acquired Minerva Engineering, enhancing its cyber defense capabilities. Minerva, based in Hanover, Maryland, specializes in advanced cyber solutions for the intelligence community, including risk assessment and incident response. This acquisition will broaden ManTech's customer base and improve its cybersecurity talent pool. Kevin M. Phillips, ManTech's CEO, stated that this acquisition is complementary and positions the company for continued growth in the cyber sector.

Positive

• Acquisition of Minerva Engineering enhances ManTech's cybersecurity capabilities.
• Expansion of customer base and new mission-critical contracts.
• Strengthened cybersecurity talent pool with skilled professionals.

Negative

• None.

HERNDON, Va., Nov. 12, 2020 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq: MANT) has completed the acquisition of Minerva Engineering, a leading provider of advanced cyber solutions. Headquartered in Hanover, Maryland, and founded in 1997, Minerva Engineering offers a range of advanced cyber services that support the intelligence community (IC), including risk and vulnerability assessment, incident response and cyber intrusion detection, and wireless signal discovery.

This acquisition enhances and expands ManTech’s cyber defense capabilities within the IC, adding new customers, new past performance qualifications as well as mission-critical contracts. Furthermore, Minerva Engineering’s highly skilled and cleared professionals increase ManTech’s deep cybersecurity talent base.

“ManTech has a well-established reputation as a leader of full-spectrum cyber capabilities. We are pleased to add Minerva Engineering’s talented people and significant customers into the ManTech family. The addition of Minerva Engineering is highly complementary and further builds upon our differentiated cyber offering, delivering more to our customers while positioning us for continued growth,” said Kevin M. Phillips, ManTech Chairman, CEO and President.

About ManTech

ManTech provides mission-focused technology solutions and services for U.S. defense, intelligence and federal civilian agencies. In business more than 50 years, we excel in full-spectrum cyber operations, data collection & analytics, enterprise IT, agile DevOps systems engineering and software application development solutions that support national and homeland security. Additional information about ManTech can be found at 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. 21, 2020, 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.

Media Contact:
Jim Crawford
Executive Director, External Communications
(M) 571.446.7550
James.Crawford2@ManTech.com

Investor Relations Contact:
Stephen Vather
VP, M&A and Investor Relations
703.218.6093
Stephen.Vather@ManTech.com 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/96b71004-78b3-4916-9dc2-f8b4fdb9bfd9

FAQ

What is the significance of ManTech's acquisition of Minerva Engineering?

The acquisition significantly enhances ManTech's cybersecurity capabilities and expands its customer base in the intelligence community.

How will the acquisition of Minerva Engineering impact ManTech's stock?

The acquisition may positively influence ManTech's stock by expanding its market presence and service offerings in cybersecurity.

When was ManTech's acquisition of Minerva Engineering announced?

The acquisition was announced on November 12, 2020.

What services does Minerva Engineering provide?

Minerva Engineering offers advanced cyber solutions including risk assessment, incident response, and cyber intrusion detection.