(By Balaseshan) Mantech International Corp. (NASDAQ: MANT), which provides technologies and solutions for national security programs, said it has closed the acquisition of ALTA Systems Inc. of Fairfax, Virginia.
ManTech used available cash to finance the acquisition. It does not expect the transaction to have a material impact on its 2013 financial results. ALTA will become part of ManTech's existing health care business. The acquisition builds ManTech's presence in the healthcare IT market.
ALTA provides a broad range of Information Technology (IT) and professional services to government and private industry in three major practice areas: capital planning and investment control; system design, development and operation; and fraud detection and statistical analysis.
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The acquisition will enable ManTech to deliver technology services through ALTA's prime position on the Centers for Medicare and Medicaid Services (CMS) Enterprise Systems Development (ESD) contract, an Indefinite Delivery/Indefinite Quantity (ID/IQ) contract vehicle with a $4 billion ceiling and period of performance through May 2018.
"ManTech will continue to pursue acquisition opportunities that help us drive organic growth and support our customers' critical missions. The Patient Protection and Affordable Care Act (PPACA) will require significant investment in IT systems and processes," said George Pedersen, Chairman and Chief Executive Officer of ManTech.
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With the acquisition of ALTA, ManTech is better positioned to help government programs and healthcare providers meet their responsibilities to provide efficient and comprehensive health care, the company noted.
MANT is trading up 0.53% at $26.67 on Wednesday. The stock has been trading between $19.74 and $37.16 for the past 52 weeks.