ManTech Acquires GRS Solutions; Deepens Presence within the Intelligence Community
FAIRFAX, Va.-- ManTech International Corporation (Nasdaq:MANT), a leading provider of innovative technologies and solutions focused on mission-critical national security programs for the Intelligence Community and the Departments of Defense, State, Homeland Security and Justice; the Space Community; and other federal government customers, today announced that it has completed the acquisition of GRS Solutions, Inc. (GRS), a rapidly growing provider of specialized technical, operational and analytical services to the Intelligence Community. ManTech will acquire all of the outstanding shares of GRS and the transaction is expected to be immediately accretive to ManTech's earnings per share. Financial terms of the transaction were not disclosed.
Headquartered in Falls Church, VA and founded in 1998, GRS is a privately held and highly-specialized company providing innovative analysis, technical management, program development, and program implementation services supporting the counterterrorism/counterintelligence mission around the world. Over 90 percent of GRS' employees have high level clearances. The company generated annual revenues for its fiscal year ended September 30, 2006 in excess of $10 million with robust operating margins.
"This acquisition adds further breadth to ManTech in the high-end intelligence arena and strengthens our position as a national security pure-play," said George J. Pedersen, Chairman and CEO, ManTech International Corporation. "GRS is an exceptional company with a proven track record of strong growth, profitability, and excellence in customer service."
Darci Glass-Royal and Ray Simmons, co-founders, GRS Solutions, Inc. said, "We built our reputation as a smart company with smart people providing solutions to the nation's most pressing national security problems. We are delighted to join ManTech because they share our devotion to delivering quality solutions and services and will allow us to provide our customers with more robust and comprehensive solutions. Just as important, by joining ManTech we will be able to offer expanded professional development opportunities for GRS employees."
Robert A. Coleman, President and COO, ManTech International Corporation said, "The GRS acquisition improves our strategic position within a specific customer and deepens our position in the high-end Intelligence market. They provide unique intelligence expertise that when combined with our existing capabilities will better position ManTech to aid our customers in prosecuting the global war on terror."
About ManTech International Corporation:
Headquartered in Fairfax, Virginia, ManTech International Corporation 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, and Justice; the Space Community; and other U.S. federal government customers. ManTech's expertise includes systems engineering, systems integration, technology and software development, enterprise security architecture, information assurance, intelligence operations support, network and critical infrastructure protection, information technology, communications integration and engineering support. The company supports the advanced telecommunications systems that are used in Operation Iraqi Freedom and in other parts of the world; provides the physical and cyber security to protect U.S. embassies all over the world; has developed a secure, collaborative communications system for the U.S. Department of Homeland Security; and builds and maintains secure databases that track terrorists. With approximately 6,000 highly qualified employees, the company operates in the United States and over 40 countries worldwide. In 2005, Red Herring magazine selected ManTech as one of its Small Cap 100 Companies; and in 2006, Business 2.0 magazine named ManTech one of its 100 Fastest Growing Technology Companies. Additional information on ManTech can be found at www.mantech.com
ManTech International Corporation,
ManTech International Corporation,