ManTech to buy homeland security high-tech company
- By Dibya Sarkar
- May 16, 2005
ManTech International will acquire a high-tech company based in Alexandria, Va., that specializes in the homeland security and law-enforcement markets for $100 million in cash.
Gray Hawk Systems, a privately held company founded 10 years ago, also provides services to the Defense Department and intelligence community. The heart of the company's business is critical infrastructure protection, counterintelligence and counterterrorism mission support, information processing and warfare systems engineering, according to a press release.
About 75 percent of the company’s customers are in homeland security-related businesses, while the remaining customers are in the defense and intelligence markets. In 2004, the company had about $70 million in revenues and estimated revenues for this year are expected to reach nearly $90 million.
“This acquisition is consistent with ManTech's growth strategy to broaden our footprint in the high-end intelligence, homeland security and defense markets,” said George Pedersen, ManTech’s chairman and chief executive officer, in a May 4 statement. “Gray Hawk Systems is an outstanding company with a proven track record of strong growth, profitability and excellence in customer service. The acquisition also positions us to reach the $1 billion revenue mark in the near future.”
ManTech, based in Fairfax, Va., has about 5,500 employees worldwide and reported $842 million in revenues last year. It provides a number of services including systems engineering and integration, technology and software development, enterprise security architecture, intelligence operations support, and critical infrastructure protection for many of the same markets.
But the companies have little overlap in services, said Harry Howton, CEO of Gray Hawk Systems, in a statement. Most of Gray Hawk’s 500 employees have high-level clearance in the federal government.
The acquisition is subject to various closing conditions and approvals and is expected to be completed within a month.