ManTech International Corporation announced the completion of a successful incubation and spin-out of its NetWitness information security product group. The new venture, NetWitness Corporation, has attracted private equity funding and will consist of the core product team from the ManTech – NetWitness group. ManTech will maintain an ownership stake in the new company. Additional financial terms have not been announced.
“This is a strategic win for ManTech, confirming our strength in developing innovative, high-end solutions for our customers, and translating that to a viable security product for government and commercial applications,” said George J. Pedersen, ManTech Chairman of the Board and CEO. “This will benefit our NetWitness customers as they can expect continued enhancements to the product.”
“ManTech has developed and deployed many proven security technologies now being used by the government which may be candidates for future commercial incubation efforts,” said Robert A. Coleman, President and COO of ManTech International Corporation. “NetWitness’ success is the blueprint for ManTech to model future technology incubation efforts. The spin-out will allow NetWitness to grow and develop as part of a venture-funded company with management team expertise in early stage product development focused on expansion into commercial applications.”