ManTech to buy CTX Corp.

Fairfax, Va.-based ManTech International Corp. has signed a definitive agreement to acquire CTX Corp. of Vienna, Va., for about $34 million in cash.

ManTech is an information technology and technical services solution provider supporting Defense Department and intelligence community customers. CTX also supports several programs within the national intelligence community, focusing primarily on mission-critical IT and software services, including knowledge management, collaboration solutions, network engineering and network forensics.

About 94 percent of CTX's $35 million in revenue for 2002 is derived from intelligence community customers.

"We are extremely pleased that ManTech and CTX Corp. will be joining forces," George Pedersen, ManTech's president and chief executive officer, said in a statement. "CTX will bring to ManTech a talented workforce and a strong track record of success in working on priority classified intelligence community programs. CTX will also add new technical competencies complementary to ManTech's skill base."

In the near term, CTX will operate under ManTech's National Security Solutions Group, the company's lead business unit supporting intelligence community customers.

Tracy Graves Stevens, CTX's president and CEO, and the senior CTX executive team will continue in their current positions.