ManTech International has agreed to acquire Department of Defense IT and cyber contractor Gryphon Technologies for $350 million.
Gryphon works primarily with U.S. military services and provides digital and systems engineering, including predictive analytics and cloud engineering, to organizations including the Navy, Air Force, DARPA and the Missile Defense Agency.
As part of the deal, Gryphon’s 1,500 staff will be transferred to ManTech. The acquisition will be funded with cash, with additional assistance from ManTech’s existing credit lines and loan facilities. The transaction is subject to regulatory approval and is expected to complete by the end of the year.
ManTech is a long-term partner of government agencies, including the Department of Homeland Security. In 2018 it was awarded a $688 million contract as part of the agency’s efforts to upgrade the Continuous Diagnostics and Mitigation cybersecurity program.
The acquisition is the latest of several M&A deals in the defense IT market this year. In May, Peraton acquired Perspecta, shortly after Peraton itself was spun out by Northrop Grumman and sold to private equity group Veritas Capital.