ManTech International [MANT] on Monday said it has agreed to acquire InfoZen for $180 million in cash in a deal that expands customer base with the Department of Homeland Security (DHS) with information technology (IT) solutions.
ManTech said it will fund the deal with cash on hand and from its existing credit line. The acquisition is expected to close in October subject to regulatory approvals. ManTech expects the deal to be slightly accretive to its earnings in 2017.
InfoZen, which has core expertise in IT modernization, agile and DevOps software development, cloud migration, and threat monitoring and assessment capabilities, will add DHS component U.S. Citizenship and Immigration Services as a customer to ManTech, a company spokesman told Defense Daily.
In addition to DHS, Maryland-based InfoZen has longstanding customer relationships with NASA. InfoZen has more than 300 employees.
“This acquisition is consistent with ManTech’s long-term strategy to expand our presence in the federal civilian market and enhance our capabilities in IT modernization,” George Pedersen, chairman and CEO of ManTech, said in a statement. “The combination will substantially increase ManTech’s already strong footprint at DHS, making it one of the largest providers of IT services across the department.”
InfoZen’s financial advisor on the deal is Houlihan Lokey.