SAIC Completes Acquisition of Benham Investment Holdings, LLC

SAN DIEGO and McLEAN, Va., Aug. 2 /PRNewswire-FirstCall/ -- Science Applications International Corporation (NYSE: SAI) announced today that it has completed the acquisition of Benham Investment Holdings, LLC (Benham) and its subsidiaries. Benham...


SAN DIEGO and McLEAN, Va., Aug. 2 /PRNewswire-FirstCall/ -- 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 .

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 Annual Report on Form 10-K for the period ended January 31, 2007 , 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