General Dynamics (NYSE: GD), with headquarters in Falls Church, has moved deeper into the healthcare technology business with a signed agreement to acquire Vangent Holding Corp.
Arlington-based Vangent Holding Corp, is the parent company of privately owned Vangent, Inc., which is majority owned by Veritas Capital Fund III, L.P. The federal government contractor provides health information technology services. It's primary client is the U.S. Departments of Health and Human Services. The company also has more than 7,500 employees.
“Vangent is a well-regarded, fast-growing company that will add significant depth and breadth to General Dynamics’ healthcare IT organization, creating a Tier 1-level healthcare IT business unit with the scope and scale to compete in markets that are receiving high priority in current funding and entitlement-reform initiatives,” stated Jay L. Johnson, chairman and chief executive officer of General Dynamics. “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.”
General Dynamics will pay nearly $960 Million in an all-cash-transaction valued at approximately $960 Million.