SAIC Signs Agreement to Acquire Applied Marine Technology, Inc.
SAN DIEGO and MCLEAN, Va., Nov. 9 /PRNewswire-FirstCall/ -- Science Applications International Corporation (NYSE: SAI) today announced that it has signed a definitive agreement to acquire Applied Marine Technology, Inc. (AMTI). Based in Virginia Beach, Va., AMTI has expertise in special operations and special mission units and provides a broad range of services, products and expertise to the special warfare community, military, law enforcement, the intelligence community and private industry, including the areas of homeland security and the global war on terrorism. Offerings include training and exercises, systems engineering and integration, information systems and communications, and rapid prototyping of technical solutions and products focused on support to intelligence and special warfare.
"SAIC brings new markets, customers, products and service offerings that, when combined with AMTI's expertise in special operations, homeland security, and in combating the global war on terrorism, will position the team to provide even higher-quality solutions on a larger scale," said Jim Papineau, AMTI's president and chief executive officer. "We believe the combined company will provide AMTI employees with enhanced professional development and career opportunities that would not be available to them without joining our capabilities with SAIC."
"This acquisition integrates AMTI's expertise in intelligence, scientific and custom engineering solutions, prototyping and manufacturing capabilities, and other areas with SAIC's technical and operational presence to support the most challenging missions facing our nation's intelligence, special warfare and homeland security communities," said Lawrence Prior, president of SAIC's Intelligence and Security Group. "We look forward to combining AMTI's capabilities with our offerings and are pleased to welcome AMTI's employees and exceptional leadership team to SAIC."
AMTI employs more than 500 people supporting government and private sector clients in locations across the U.S., including Virginia Beach, Va.; San Diego, Calif.; Fayetteville, N.C.; Charleston, S.C.; Ponca City, Okla.; and Washington, D.C. In addition to its core offerings, AMTI designs, develops, and manufactures communications, information technology, personal protection, and explosive ordinance disposal products.
The acquisition is expected to close in December 2006, subject to customary closing conditions, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. 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 43,000 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 $7.8 billion for its fiscal year ended January 31, 2006.
SAIC: FROM SCIENCE TO SOLUTIONS(TM)
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 final prospectus relating to its initial public offering, and such other 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.
SOURCE SAIC
11/09/2006
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
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