Over Five Decades, This Entrepreneur Built A Defense Contractor That Made Him A Billionaire
Summary
George Pedersen cofounded his firm ManTech International back in 1968 with a single contract with the U.S. Navy, reportedly to build war-gaming models for the submarining community. ManTech’s acquisition this spring of Kforce Government Solutions, which provides IT staffing services to federal agencies such as the Department of Veteran Affairs, has boosted earnings. “It’s very hard to develop it.” Pedersen, a Staten Island native, cofounded ManTech in 1968 with Franc Wertheimer, a German immigrant who was a mathematician by training. When the two men learned that Vitro Corp. was going to be sold, they created the business plan for ManTech; it entered the intelligence sector in the 1980s by buying a company from Raytheon for $1.25 million, according to a 2006 interview with Washington Technology. After the September 11 terrorist attacks, Pedersen knew the company had to change direction and reportedly gathered 71 ManTech executives at an offsite summit, where they decided to sell their commercial businesses and refocus on defense and intelligence—as well as go public.
