ManTech to acquire D.C. tech firm for $350M
Transaction to close by end year
Herndon-based tech contractor ManTech International Corp. announced Monday that it has signed a definitive agreement to acquire Washington, D.C.-based Gryphon Technologies from Boca Raton, Florida-based AE Industrial Partners for $350 million.
Gryphon Technologies provides digital and systems engineering capabilities for U.S. Department of Defense agencies, including predictive analytics, data science and cloud engineering.
“This acquisition maps directly to our defense sector expansion strategy of leveraging transformational innovation to advance missions, modernize operations and safeguard military systems and personnel across the DOD landscape,” said ManTech Chairman, CEO and President Kevin M. Phillips said in a statement.
ManTech will gain more than 1,500 employees as well as digital engineering capabilities.
“We are very excited to become a part of ManTech, a recognized leader in supporting national and homeland security,” Gryphon founder and CEO P.J. Braden said in a statement. “This is a great opportunity for our employees, who will benefit from ManTech’s more than 50 years of serving our nation, as well as its advanced professional development and commitment to career enablement.”
ManTech will fund the acquisition from cash on hand, with additional funding from its existing line of credit and delayed draw term loan facilities. The acquisition is expected to be completed by the end of the year.
Founded in 1968, ManTech provides technology solutions for U.S. defense, intelligence and federal civilian agencies. In 2020, ManTech reported $2.5 billion in revenue.