ManTech International Corp. (NASDAQ: MANT) went back to the mergers and acquisition markets Monday, entering into a definitive agreement to purchase Gryphon Technologies for $350 million.
The purchase provides the Herndon information technology company with extensive data analytics and digital engineering capabilities that are supported by multiple Department of Defense agencies, as well as the General Services Administration.
“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,” ManTech Chairman, President and CEO Kevin Phillips said in a statement Monday.
The purchase marks ManTech’s first acquisition since it purchased Chambersburg, Pennsylvania-based cybersecurity company Tapestry Technologies in December 2020. Terms of that transaction were not disclosed. A month prior to that, the company bought Hanover, Maryland, cyber firm Minerva Engineering for $115 million, bolstering its portfolio of intelligence agency work.
While Gryphon adds to ManTech’s cyber prowess through capabilities like its cyber vulnerability assessment tool — an automated cyber-risk assessment used by the Navy to safeguard its fleets — the company also provides a separate wrinkle from previous acquisitions in its work around data analytics and digital engineering.
Gryphon, based in the District, specializes in areas like predictive analytics and model-based systems engineering. The former allowed the company to help predict and diagnose system problems, alongside its analysis capabilities to help better manage and share data.
Model-based systems engineering, on the other hand, allows companies to use systems engineering to more quickly model and prototype potential systems and technology capabilities for ship design.
Those capabilities, combined with Gryphon’s cloud migration work, provide ManTech with a deeper digital engineering footprint within the DOD and its components like the Navy, Air Force, the Defense Advanced Research Projects Agency, the Missile Defense Agency and others.
The acquisition also adds more than 1,500 employees to the company’s current workforce of 9,400.
ManTech executives said they expected the deal to close by the end of 2021, pending regulatory approval. The company will hold its third-quarter earnings call Tuesday after market close.
ManTech's share price was at $88.09 at 12:41 p.m. Monday, up 2.17%.