ManTech Completes Acquisition of Gryphon Technologies
ManTech International Corporation (Nasdaq: MANT) has successfully acquired Gryphon Technologies for $350 million in cash. This strategic acquisition enhances ManTech’s capabilities in the Defense Sector, adding 1,500 skilled professionals and expanding its customer base. Gryphon, founded in 1998, specializes in systems engineering and technology solutions for the Department of Defense. ManTech aims to leverage Gryphon's innovative capabilities to support national security and drive future growth.
- Acquisition of Gryphon Technologies expands ManTech's Defense Sector capabilities.
- Addition of 1,500 skilled professionals strengthens ManTech's workforce.
- Strategically enhances customer base and potential revenue growth.
- Potential integration challenges may arise from the acquisition.
- Acquisition cost of $350 million may strain financial resources.
HERNDON, Va., Dec. 10, 2021 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq: MANT) has completed the acquisition of Gryphon Technologies, an industry-leading systems engineering firm, from AE Industrial Partners for
Founded in 1998 and headquartered in Washington, D.C., Gryphon Technologies provides advanced capabilities including model-based systems engineering, predictive analytics, data/computational science and cloud engineering solutions that drive mission success for an array of Department of Defense agencies.
This acquisition expands ManTech’s capabilities in the Defense Sector with new customers and programs – and some 1,500 skilled professionals who will add momentum to ManTech’s success at Bringing Digital to the Mission® in innovative ways that support national and homeland security.
“We are pleased to add Gryphon Technologies’ innovative technology solutions and talented people to the ManTech family,” said Kevin M. Phillips, ManTech Chairman, CEO and President. “The addition is highly complementary and builds upon our differentiated technology capabilities, extending our Department of Defense footprint and positioning us for continued growth.”
About ManTech
ManTech provides mission-focused technology solutions and services for U.S. defense, intelligence and federal civilian agencies. In business more than 53 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.
| Investor Relations | Media |
| Stephen Vather | Sheila Blackwell |
| VP, M&A and Investor Relations | VP, Enterprise Marketing & Communications |
| (703) 218-6093 | (301) 717-7345 |
| Stephen.Vather@ManTech.com | Sheila.Blackwell@ManTech.com |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed5d7efa-0ac6-4f31-b164-55576765cc62.
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