ManTech International [MANT] on Monday said it has agreed to acquire Gryphon Technologies for $350 million in a deal that will expand its digital engineering capabilities with the Defense Department and provide it with new customers and contracts.
The transaction is subject to regulatory approval and expected to close this year.
“This acquisition maps directly to our Defense Sector expansion strategy of leveraging transformational innovation to advance missions, modernize operation and safeguard military systems and personnel across the DoD landscape,” Kevin Phillips, chairman, president and CEO of ManTech, said in a statement.
Gryphon provides ManTech with new capabilities in models-based systems engineering and digital engineering and new contracts to support modernization missions. Gryphon also adds new customers in the Navy, Air Force and across DoD.
Gryphon, which is based in Washington, D.C., also has capabilities in cyber security, research and development, strategic communications, and acquisition, readiness and sustainment support.
Gryphon, which is based in Washington, D.C., has more than 1,500 employees. A spokeswoman for ManTech told Defense Daily that the percentage of cleared personnel at Gryphon is consistent with the percentage of employees at ManTech that have security clearances, which is about 73 percent.
ManTech said it is funding the deal from cash on hand and its existing credit facilities.
Houlihan Lokey is Gryphon’s financial adviser on the deal. Gryphon is a portfolio company of the private equity firm AE Industrial Partners, which acquired the company in 2018. Terms of the deal at that time were not disclosed.