That is correct!
Here is your Friday Lore Fact!
After besting Mandalore the Indomitable in combat, Ulic Qel-Droma gained the Mandalorians as an ally against the Jedi and the Republic.
Speaking of which: can we get a "Mandalote the Indomitable's Armor Set" in a future CM Pack?
You could even put out a recolored version in the Shipment's reputation vendor as "Mandalore the Ultimate's Armor Set" as was done with the Restored and Opulent Triumvirate armors: Indomitable and Ultimate comparison
(courtesy of Wookieepedia).