HERNDON, Va., Dec. 19, 2016 (GLOBE NEWSWIRE) -- ManTech International Corporation (Nasdaq:MANT) has acquired Edaptive Systems LLC, a leading provider of innovative IT solutions primarily to federal health agencies, with a significant focus on the Centers for Medicare & Medicaid Services (CMS). ManTech funded the acquisition from cash on hand. The acquisition will be slightly accretive to 2017 financial results.
Headquartered in Owings Mills, MD, and founded in 1999, Edaptive has built strong, long-standing relationships with its customers throughout Health and Human Services. Edaptive provides agile software development, testing and automation, business intelligence, data abstraction and IT services.
The acquisition improves ManTech’s position to pursue opportunities throughout the federal health community. The acquisition brings over 250 highly skilled employees. Edaptive Systems becomes a part of ManTech’s Mission Solutions & Services Group, led by Daniel J. Keefe.
“We are excited to welcome Edaptive Systems’ talented employees, trusted capabilities and important customers to the ManTech family,” said ManTech Chairman and Chief Executive Officer George J. Pedersen. “This acquisition is consistent with ManTech’s strategy to expand and strengthen our presence within the federal and civilian health markets, with our primary objectives of improving the quality of information available to all clinicians and the quality of care for those in need.”
Edaptive Systems’ Partner Frank Blair added, “Edaptive is proud to become part of ManTech, which has a strong record of delivering innovative solutions to solve our customers’ most pressing challenges. Our healthcare customers and most importantly the clinicians on the front line will benefit from the combined capabilities and our employees will benefit from expanded professional development opportunities.”
About ManTech International Corporation
ManTech provides innovative technologies and solutions for mission-critical national security programs for the intelligence community; the departments of Defense, State, Homeland Security, Health and Human Services, Veteran Affairs and Justice, including the Federal Bureau of Investigation (FBI); the health and space community; and other U.S. government customers. We support important national missions by providing services to approximately 50 federal government agencies under approximately 900 current contracts. ManTech's expertise includes cybersecurity; software and systems development; enterprise information technology; multi-discipline intelligence; program protection and mission assurance; systems engineering; test and evaluation (T&E); command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR); training; supply chain management and logistics; and management consulting. Additional information on ManTech can be found at www.mantech.com.
Forward-Looking Information
Statements and assumptions made in this press release, which do not address historical facts, constitute "forward-looking" statements that ManTech believes to be within the definition in the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties, many of which are outside of our control. Words such as "may," "will," "expect," "intend," "anticipate," "believe," or "estimate," or the negative of these terms or words of similar import are intended to identify forward-looking statements.
These forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes we anticipate. Factors that could cause actual results to differ materially from the results we anticipate, include, but are not limited to, the following: failure to compete effectively for new contract awards or to retain existing U.S. government contracts; inability to recruit and retain sufficient number of employees with specialized skill sets who are in great demand and limited supply; delays in the competitive bidding process caused by competitors' protests of contract awards received by us; adverse changes or delays in U.S. government spending for programs we support due to failure to complete the budget and appropriations process in a timely manner, changing mission priorities, the implementation of cost reduction and efficiency initiatives by our customers, or other federal budget constraints generally; failure to obtain option awards, task orders or funding under contracts; renegotiation, modification or termination of our contracts, or failure to perform in conformity with contract terms or our expectations; increased exposure to risks associated with conducting business internationally; failure to realize the full amount of our backlog or adverse changes in the timing of receipt of revenues under contracts included in backlog; failure to successfully integrate acquired companies or businesses into our operations or to realize any accretive or synergistic effects from such acquisitions; adverse changes in business conditions that may cause our investments in recorded goodwill to become impaired; non-compliance with, or adverse changes in, complex U.S. government laws, procurement regulations or processes; disruption of our business or damage to our reputation resulting from security breaches in customer systems, internal systems or service failures (including as a result of cyber or other security threats), or employee or subcontractor misconduct; and adverse results of U.S. government audits or other investigations of our government contracts. These and other risk factors are more fully discussed in the section entitled "Risk Factors" in ManTech's Annual Report on Form 10-K previously filed with the Securities and Exchange Commission on Feb. 19, 2016, Item 1A of Part II of our Quarterly Reports on Form 10-Q, and, from time to time, in ManTech's other filings with the Securities and Exchange Commission.
The forward-looking statements included herein are only made as of the date of this press release, and ManTech undertakes no obligation to publicly update any of the forward-looking statements made herein, whether as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.
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