SAIC Completes Acquisition of Benham Investment Holdings, LLC
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SAN DIEGO and McLEAN, Va., Aug. 2 / -- Science Applications International Corporation (NYSE:SAI) announced today that it has completed the acquisition of Benham Investment Holdings, LLC (Benham) and its subsidiaries. Benham is an engineering and life-cycle technology implementation firm that serves Fortune 500(R) commercial and federal government customers.
Headquartered in Oklahoma City, Okla., Benham offers a full range of capabilities in consulting, engineering, architecture and design/build, including specialized expertise in energy management, alternative fuels, process engineering, industrial manufacturing, facilities, software development and integration, and advanced visualization and communication systems.
"The acquisition of Benham represents a significant opportunity for SAIC to extend the value of solutions we deliver to customers and seamlessly integrate technologies, systems and infrastructure across the markets we serve," said J.T. Grumski, SAIC senior vice president and newly appointed president of Benham. "We are very pleased about the market synergies and cultural fit of our respective companies."
"SAIC's acquisition of Benham positions SAIC to significantly grow its commercial energy and infrastructure business. Adding process and facility design and implementation capabilities to its growing business in energy management, oil and gas operations, and utility systems represents an important step in SAIC's strategy to enhance its capabilities in these areas," said Joe Craver, president of SAIC's Infrastructure, Logistics and Product Solutions Group, the SAIC group into which Benham will be integrated.
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. Lance Benham, the company's former president will remain as senior vice president, focused on strategic business development initiatives and synergy creation with its new parent.
Terms of the acquisition were not disclosed.
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.
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/
