SAN DIEGO and MCLEAN, Va., March 10 /PRNewswire-FirstCall/ -- 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.
SAIC: FROM SCIENCE TO SOLUTIONS(R)
Statements in this announcement, other than historical data and
information, constitute forward-looking statements that involve risks and
uncertainties. A number of factors could cause our actual results,
performance, achievements, or industry results to be very different from the
results, performance, or achievements expressed or implied by such forward-
looking statements. Some of these factors include, but are not limited to, the
risk factors set forth in SAIC's Annual Report on Form 10-K for the period
ended January 31, 2007, and other such filings that SAIC makes with the SEC
from time to time. Due to such uncertainties and risks, readers are cautioned
not to place undue reliance on such forward-looking statements, which speak
only as of the date hereof.
Contact: Melissa Koskovich, McLean Laura Luke, McLean
703/676-6762 703/676-6533
koskovichm@saic.com laura.luke@saic.com
SOURCE SAIC