Transactions
May 2 2019
KippsDeSanto & Co. Advises Kforce, Inc. on its sale of Kforce Government Solutions to ManTech International Corporation
KippsDeSanto & Co. is pleased to announce the sale of its client, Kforce Government Solutions (“KGS” or the “Company”), a subsidiary of Kforce Inc., (NASDAQ: KFRC), to ManTech International Corporation (“ManTech”).
KGS is a leading provider of high-end technology and business consulting solutions focused on improving mission effectiveness and operational efficiencies for federal agency customers. With more than two decades of experience, KGS has developed extensive domain knowledge and past performance in critical areas that include: enhancing mission-critical enterprise-wide systems and architectures via DevOps and Cloud migration; improving and automating essential business functions; developing data management strategies and applying analytics to business operations; and sustaining augmented financial reporting capabilities and performance. KGS has developed a long-standing and deep relationship with the Department of Veterans Affairs (“VA”) and is a prime holder on the highly sought-after Transformation Twenty-One Total Technology-Next Generation (“T4NG”) vehicle. Additional customers include Defense Threat Reduction Agency (“DTRA”), U.S. Air Force, and Defense Advanced Research Projects Agency (“DARPA”).
In 2018, KGS realized ~$98M of revenue, (which represented ~10% growth over 2017) and had ~$480M of backlog at the time of sale. ManTech paid $115M, or ~12x 2018 EBITDA for KGS. The acquisition expands ManTech’s presence within the VA and provides access to T4NG, as well as adding key customers and capabilities.
We believe this transaction demonstrates key trends in the government technology services M&A environment:
• Prime, full & open positions on key vehicles, such as T4NG, continue to drive buyer interest and premium valuations
• Buyers remain interested in well-positioned companies with strong backlog and financial momentum
• Both buyers and sellers continue to gain value from corporate divestitures
LEAD INVESTMENT BANKERS
Kevin P. DeSanto
Kate Troendle
KippsDeSanto & Co. is pleased to announce the sale of its client, Kforce Government Solutions (“KGS” or the “Company”), a subsidiary of Kforce Inc., (NASDAQ: KFRC), to ManTech International Corporation (“ManTech”).
KGS is a leading provider of high-end technology and business consulting solutions focused on improving mission effectiveness and operational efficiencies for federal agency customers. With more than two decades of experience, KGS has developed extensive domain knowledge and past performance in critical areas that include: enhancing mission-critical enterprise-wide systems and architectures via DevOps and Cloud migration; improving and automating essential business functions; developing data management strategies and applying analytics to business operations; and sustaining augmented financial reporting capabilities and performance. KGS has developed a long-standing and deep relationship with the Department of Veterans Affairs (“VA”) and is a prime holder on the highly sought-after Transformation Twenty-One Total Technology-Next Generation (“T4NG”) vehicle. Additional customers include Defense Threat Reduction Agency (“DTRA”), U.S. Air Force, and Defense Advanced Research Projects Agency (“DARPA”).
In 2018, KGS realized ~$98M of revenue, (which represented ~10% growth over 2017) and had ~$480M of backlog at the time of sale. ManTech paid $115M, or ~12x 2018 EBITDA for KGS. The acquisition expands ManTech’s presence within the VA and provides access to T4NG, as well as adding key customers and capabilities.
We believe this transaction demonstrates key trends in the government technology services M&A environment:
• Prime, full & open positions on key vehicles, such as T4NG, continue to drive buyer interest and premium valuations
• Buyers remain interested in well-positioned companies with strong backlog and financial momentum
• Both buyers and sellers continue to gain value from corporate divestitures
LEAD INVESTMENT BANKERS
Kevin P. DeSanto
Kate Troendle
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