SAIC completes $790 million, all-cash acquisition of Scitor Holdings Inc.
McLean-based Science Applications International Corp. (SAIC) has completed its $790 million, all-cash acquisition of Reston-based Scitor Holdings Inc.
SAIC said the deal will accelerate its entry into the intelligence community market by providing access to classified contracts, cleared personnel and a strong security infrastructure.
The deal was announced in March. Scitor was formerly owned by Los Angeles-based Leonard Green & Partners LP, a private-equity firm.
Founded in 1979, Scitor is a security provider focused on classified U.S. Air Force and intelligence community programs. It has annual revenues of about $600 million.
Scitor is a prime contractor on more than 85 percent of its contracts, and more than 90 percent of its approximately 1,500 employees hold high-level security clearances.
With completion of the acquisition, SAIC expects the revenue of the combined company's intelligence business to be approximately 11 percent of its customer mix.
Scitor employees will join SAIC’s newly created Intelligence Community Customer Group.
SAIC provides services and solutions in the technical, engineering, intelligence and enterprise information technology markets.
It has about 15,000 employees and annual revenues of about $4.4 billion.