Kforce Inc. (NASD: KFRC) agreed to sell Kforce Government Solutions Inc., its federal government solutions subsidiary, to ManTech International Corp. for an aggregate cash purchase price of $115.0 million.

The stock purchase agreement, dated Feb. 28, is expected to close by March 31; the deal is subject to customary closing conditions and the receipt of necessary regulatory approvals.  

“Our federal government solutions business has been a meaningful part of our business since our initial government acquisition in 2006,” Kforce Chairman and CEO David Dunkel said. “I am immensely proud of the success that our KGS management team has had in growing and positioning this business for continued future success despite the competitive challenges it has faced, given its scale.”

This transaction does not include TraumaFX, Kforce’s federal government product business, but the Tampa, Fla.-based professional staffing firm is exploring strategic alternatives for that business.

The KGS management team and its associates will join ManTech.

Kforce expects to generate net proceeds after taxes and transaction costs of at least $90.0 million, which it anticipates using primarily for share repurchases.