US-based defence contracting firm ManTech International Corporation has signed a definitive agreement to acquire Gryphon Technologies for $350m.
Gryphon Technologies is headquartered in Washington, DC, US, and offers digital engineering, cyber, predictive analytics, and technical solutions to Department of Defense (DoD) agencies.
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The company’s solutions are now deployed for Defense Advanced Research Projects Agency (DARPA), the US Navy, US Air Force (USAF), and other DoD agencies.
ManTech will acquire the firm from AE Industrial Partners. It will fund the acquisition with a combination of cash on hand, proceeds from its existing line of credit and delayed draw term loan facilities.
The deal is expected to enhance ManTech’s digital and systems engineering capabilities, as well as expand its DoD footprint.
The transaction will also add 1,500 skilled employees to ManTech’s workforce.
ManTech chairman, president and CEO Kevin M Phillips said: “This acquisition maps directly to our defence sector expansion strategy of leveraging transformational innovation to advance missions, modernise operations and safeguard military systems and personnel across the DoD landscape.
“We are very pleased to welcome Gryphon’s talented employees, sophisticated capabilities and customers.”
Gryphon founder and CEO PJ Braden said: “We are very excited to become a part of ManTech, a recognised leader in supporting national and homeland security.
“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.”
The acquisition is expected to close by the end of this year, subject to various closing conditions and approvals.
