SAIC Signs Agreement to Acquire Benham Investment Holdings, LLC
SAN DIEGO and MCLEAN, Va., July 6 / -- Science Applications International Corporation (NYSE:SAI) announced today that it has signed a definitive agreement to acquire Benham Investment Holdings, LLC (Benham) and its subsidiaries. Benham is an engineering and life-cycle technology implementation firm that serves federal government and Fortune 500® commercial customers.
Headquartered in Oklahoma City, Benham offers a full range of capabilities in consulting, engineering, architecture and design/build, including specialized expertise in energy management, industrial manufacturing and facilities, software development and integration, alternative fuels and process engineering, and advanced visualization and communication systems.
"For Benham, this alignment provides an operating platform for leveraging its capabilities in facilities planning and design, technology integration and design/build project delivery," said Rainey Williams, a member of the Board of Benham Investment Holdings. "Further, it will help increase Benham's business in strategic areas where application of technology presents compelling business opportunities."
Benham employs approximately 800 people supporting clients in locations across the U.S., including Norman, Oklahoma City, and Tulsa, Okla.; St. Louis, Mo.; St. Paul, Minn.; and Detroit, Mich.
"The acquisition of Benham will accelerate SAIC's growth in the energy management services market with both federal and commercial customers," said Joe Craver, president of SAIC's Infrastructure, Logistics and Product Solutions Group. "Benham's expertise in energy project design, implementation, and monitoring and reporting, combined with SAIC's core capabilities in energy consulting, research and development, and risk management, creates an end-to- end solution for the energy market. The capabilities they bring will allow us to efficiently integrate and implement solutions that are designed to deliver high value to our customers. We look forward to welcoming the Benham employees to the SAIC team."
The acquisition is expected to close in August 2007, subject to customary closing conditions, including expiration of the waiting period under the Hart- Scott-Rodino Antitrust Improvements Act. Terms of the acquisition were not disclosed. Upon completion of the acquisition, Benham and its subsidiaries, including The Benham Companies and Benham Constructors, will become subsidiaries of SAIC. Benham's headquarters will remain in Oklahoma City.
SAIC is a leading provider of scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military, agencies of the Department of Defense, the intelligence community, the U.S. Department of Homeland Security and other U.S. Government civil agencies, as well as to customers in selected commercial markets. With more than 44,000 employees in over 150 cities worldwide, SAIC engineers and scientists solve complex technical challenges requiring innovative solutions for customers' mission-critical functions. SAIC had annual revenues of $8.3 billion for its fiscal year ended January 31, 2007. SAIC: FROM SCIENCE TO SOLUTIONS(TM)
FCMN Contact: zollarsr@saic.com
Source: SAIC
CONTACT:Ron Zollars, San Diego, +1-858-826-7896, zollarsr@saic.com, or Melissa Koskovich, McLean, +1-703-676-6762, koskovichm@saic.com, both of SAIC
Web site: http://www.saic.com/
