ManTech International Corporation completed the acquisition of QinetiQ North America’s Security and Intelligence Solutions (S&IS) business for $60 million in cash. Fairfax, Va. based S&IS recently won a five-year indefinite delivery/indefinite quantity contract with a ceiling of $365 million contract for engineering and support services to the U.S. Missile Defense Agency (MiDAESS) contract.
Following the acquisition, S&IS business will be integrated within ManTech’s Mission, Cyber and Technology Solutions group, led by L. William Varner ManTech expects that the acquisition will contribute solid growth and operating margins and be accretive to its earnings per share in 2011. “The addition of S&IS will help ManTech expand our security solutions portfolio, allowing us to provide more comprehensive security services to our current and future customers in the defense and intelligence markets,” Varner said.
