Newport Beach-based SRS Technologies Inc., a privately held engineering contractor for the government, said Monday it inked a deal to be bought by ManTech International Corp.
Fairfax, Va.-based ManTech is paying $195 million in cash for SRS. The deal is expected to close in the second quarter.
SRS Technologies, which was started 30 years ago, does systems integration and engineering for the defense sector and security agencies.
It specializes in space-based radar and communications and chemical, biological and nuclear weapons detection.
More than 85% of SRS’ revenue comes from contracts with the departments of Defense and Homeland Security, the company said.
SRS Technologies reported $750 million in backlog as of March 2. It expects to count revenues upward of $175 million by the end of the August quarter.
ManTech is in the same line of work.
Its top customers include the Air Force, the National Reconnaissance Office, the Missile Defense Agency and the Defense Advanced Research Projects Agency.
At a recent check, ManTech had a market value of about $1.1 billion.
