ManTech spins-out NetWitness division to private investors
Company will retain a share in the company while hoping its new freedom will spur on the creativity needed to dominate the network forensics market; financial terms remain secret
A leading network forensic product has broken free of its corporate incubators, once again showing how patient care and handling of a unique technology can pay dividends. Fairfax, Virginia-based ManTech, best known as an IT professional services company, this week announced a spin-out of its NetWitness informational security product group. According to ManTech executive Mark Root, ManTech developed the product in house, but felt that NetWitness needed more room to grow. “The spin-off will allow them to focus on the product,” he told us.
The product in question gives law enforcement authorities (as well as private companies) the ability not only to monitor computer networks but also to extract useful data therefrom. One application, for instance, is as an investigatory wiretap. Others include analysis of network intrusion, compliance audits of security procedures, and assessment of network threats from authorized users. NetWitness is used by many intelligence agencies, the Department of Defense, federal law enforcement agencies, and Fortune 1000 companies.
The new venture, NetWitness Corporation, has attracted private equity funding and will consist of the core product team from the ManTech — NetWitness group. Although ManTech will maintain an ownership stake in the new company, specific financial terms have not been announced.
-read more in this company news release
Background briefing
Investors take note: This is not the first time we have reported on ManTech’s business relationships. Earlier this year the company sold off its 40 percent interest in the Vosper-ManTech joint venture in the United Kingdom. The joint venture was formed in 1996 between Southampton, England-based Vosper Thornycroft, a major U.K. defense contractor, and ManTech to perform services for the GCHQ, a U.K. Intelligence agency. ManTech received cash consideration totaling approximately $4.4 million, which included the sale of its ownership interest and accrued dividends.
