SAIC completes Scitor acquisition
Science Applications International Corp. of McLean, VA announced on May 4 that it has completed the acquisition of Scitor Holdings, Inc. for $790 million in an all cash transaction. This highly complementary acquisition accelerates SAIC’s entry to the intelligence community by providing access to classified contracts, cleared personnel, and a robust security infrastructure.
“I am very excited to welcome Scitor employees to the SAIC family. This transaction expands the markets we serve and we are dedicated to ensuring continuity of the mission to our customers,” said SAIC CEO Tony Moraco. “Together, we are redefining ingenuity in the technology integration marketplace by leveraging the capabilities from both companies to increase revenues and earnings.”
Scitor President Timothy Dills said, “Today marks the completion of the next step in Scitor’s evolution to support the vital missions of our customers. Uniting our two very forward-leaning companies increases the magnitude of services we can provide for our customers and opportunities available for our employees.”
Founded in 1979, Scitor is a leading national security provider focused on classified U.S. Air Force and intelligence community programs. With annual revenues of approximately $600 million, Scitor provides critical mission support to address our nation’s security needs.
Similar to SAIC, Scitor focuses on fostering team collaboration and empowerment to provide exciting new approaches and capabilities to customers, according to the companies. Scitor is a prime contractor on more than 85 percent of its contracts with customers of vital national importance, and more than 90 percent of its approximately 1,500 employees hold high-level security clearances.
Upon completion of the acquisition, SAIC expects the revenue of the combined company’s intelligence business to be approximately 11 percent of its customer mix and Scitor employees will join SAIC under the newly created Intelligence Community Customer Group led by Dills, reporting directly to Sector President Nazzic Keene.