General Dynamics (NYSE: GD) today completed its acquisition of Vangent Holding Corp., the parent company of Vangent, Inc., a leading provider of healthcare information technology and business systems to federal agencies. The cash transaction, valued at approximately $960 million, was announced on August 16 and is expected to be accretive to General Dynamics' earnings in 2012. Vangent was majority-owned by The Veritas Capital Fund III, L.P.
Vangent now becomes part of General Dynamics Information Technology, headquartered in Fairfax, Va. Vangent's core offerings include health informatics and information exchange, electronic health records and data analytics, as well as state-of-the-art business-process outsourcing solutions and systems. It supports customers in the U.S. Departments of Health and Human Services, Commerce, Education, Justice Labor, State, Veterans Affairs and Military Health Systems.
Jay L. Johnson, chairman and chief executive officer of General Dynamics, said, "Together with General Dynamics Information Technology's 30 years of experience in the healthcare IT market, this acquisition creates a Tier 1-level business that can meet the large-scale requirements of customers in markets that are receiving high priority in current funding and entitlement-reform initiatives."
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