SAIC Signs Agreement to Acquire Icon Systems, Inc.
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SAN DIEGO and MCLEAN, Va., March 10 -- Science Applications International Corporation (NYSE:SAI) announced today that it has signed a definitive agreement to acquire Icon Systems, Inc. (Icon) a recognized leader in the design, development and production of state-of-the- art laser-based systems and products for military training and testing. This acquisition strengthens SAIC's position in the virtual and live training environments and allows the company to provide a more comprehensive array of capabilities in this arena.
Icon will be an operation within SAIC's Analysis, Simulations, Systems, Engineering and Training business unit under the continuing leadership of Himanshu Parikh, Icon's co-founder and chief executive officer. "Like SAIC, Icon is a company of entrepreneurs and innovators who look for ways to solve our customers' most vexing challenges," said Parikh. "Our cultures match up well. We both have a strong focus on providing opportunities for our people and building close relationships with our customers."
"We are extremely pleased with this acquisition as it represents a significant step toward our goal of embedding training and achieving convergence in live, virtual and constructive offerings," said Beverly Seay, SAIC senior vice president and business unit general manager. "Icon is uniquely positioned to provide the government with tactical engagement simulation systems containing current and next generation products and technologies. They have transformed the live training industry by successfully fielding an advanced wireless system for laser-based tactical training, substantially reducing the life cycle logistics cost for those systems."
"We look forward to welcoming the Icon team of professionals to the SAIC team," said Deborah Alderson, president of SAIC's Defense Solutions Group. "Their skills and technology coupled with our proven training systems will position SAIC to become a major provider of embedded training in a wide variety of combat vehicles, making the transition from training to real world seamless to our warfighters and their commands."
The acquisition is expected to close in April 2008, subject to customary closing conditions including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
About Icon
Headquartered in San Diego with more than 100 employees, Icon is a recognized leader in the design, development and production of state-of-the- art laser-based systems and products for military training and testing. Icon's capabilities include expertise in Multiple Integrated Laser Engagement System (MILES) compatible Tactical Engagement Simulation Systems (TESS) for individual combatant and platform live training.
About SAIC
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 approximately 44,000 employees in more than 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.
Source: SAIC
CONTACT:
Melissa Koskovich,
McLean, +1-703-676-6762,
koskovichm@saic.com
or
Laura Luke,
McLean, +1-703-676-6533,
laura.luke@saic.com,
both of SAIC
Web site: http://www.saic.com/
