Shows & Panels
- The 2014 Big Picture on Cyber Security
- AFCEA Answers
- Ask the CIO
- Building the Hybrid Cloud
- Connected Government: How to Build and Procure Network Services for the Future
- Continuing Diagnostics and Mitigation: Discussion of Progress and Next Steps
- Federal Executive Forum
- Federal Tech Talk
- The Intersection: Where Technology Meets Transformation
- Maximizing ROI Through Data Center Consolidation
- Moving to the Cloud. What's the best approach for me
- Navigating Tough Choices in Government Cloud Computing
- The New Generation of Database
- Satellite Communications: Acquiring SATCOM in Tight Times
- Targeting Advanced Threats: Proven Methods from Detection through Remediation
- Transformative Technology: Desktop Virtualization in Government
- Value of Health IT
Shows & Panels
General Dynamics buying Vangent for $960M
Tuesday - 8/16/2011, 6:15pm EDT
FALLS CHURCH, Va. (AP) - Defense contractor General Dynamics said Tuesday it will expand its health care information technology business by buying Vangent Holding Corp. for about $960 million in cash.
Vangent, the parent of Vangent Inc., is currently owned by the private equity firm Veritas Capital Fund. General Dynamics said the deal has been approved by its board and by Veritas Capital. It expects the purchase to close by Oct. 1 and said the acquisition will add to its profit in 2012.
Vangent primarily works with U.S. Departments of Health and Human Services, Education, Labor, State, and Defense. It provides a health information exchange, electronic health records and data analytics. The business has more than 7,500 employees.
"Vangent is a well-regarded, fast-growing company that will add significant depth and breadth to General Dynamics' health care IT organization," Jay L. Johnson, chairman and CEO of General Dynamics said in a statement. "Increasingly agencies will rely on efficient, modern business and information systems as key enablers of their citizen-service missions, and Vangent is a leader in meeting those information technology and business system requirements."
Shares of General Dynamics fell 73 cents to close at $62.04.
(Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)