ManTech Makes Big Purchase

Today ManTech International announced plans to purchase Sensor Technologies for a record $242 million. This purchase is ManTech’s biggest deal to expand their defense and intelligence business.

Sensor Technologies based in New Jersey is a Strategic Services Sourcing program provider.

“With the defense appropriation bill on track and a clear mission and strategy for Afghanistan, this acquisition allows us to provide more direct support to the U.S. Army as it continues its overseas operations, ” George Pedersen, ManTech’s chief executive, said in a press statement

Company spokesman Stuart Davis estimated the EBITDA to be between 7 and 8 in 2010 alone. He also said that ManTech will be making more purchases and aquisitions in the future.

This is ManTech’s 14th acquisition since the company went public in 2002 according to a Reuters article. In response to the acquisition, ManTech shares were up more than 4% on the NASDAQ.

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