SAIC Acquires ProcureNet Holdings Inc.
(SAN DIEGO AND FAIRFIELD, NJ) Nov 29, 2004 - Science Applications International Corporation (SAIC) today announced that it has completed the acquisition of ProcureNet Holdings Inc., a company which performs electronic procurement, logistics and supply chain management services for the Department of Defense (DoD) and other federal customers.
The acquisition expands SAIC's presence in the Army, Navy, Marine Corps, Air Force, and Defense Logistics Agency and improves SAIC's capabilities to serve DoD customers with integrated materiel management solutions.
“This acquisition adds management and technical breadth to existing capabilities, and in return allows us to provide our customers with a broader range of services to meet their needs and challenges,” said Glenn San Giacomo, former president of ProcureNet and new SAIC operations manager.
ProcureNet will add approximately $250 million in revenue and 175 employees to SAIC's Logistics and Engineering Solutions Business Unit. Terms of the acquisition agreement were not disclosed.
The SAIC operation, based in Fairfield, N.J., headed by San Giacomo, is a leading prime vendor for DoD facility maintenance, repair and operations (MRO), ground vehicle, ship and submarine, chemical-biological protection and other equipment. The operation's capabilities and experience in optimizing sourcing, procurement and delivery of products and services complements SAIC's skill sets, including prime vendor for Air Force and Navy aviation parts, demand forecasting technology, weapon systems support and large scale systems integration.
“This acquisition is strategically important to SAIC's growth in logistics and product support,” said Jim Cuff, SAIC senior vice president and general manager of the Logistics and Engineering Solutions Business Unit. “In addition, the acquisition can provide key technology discriminators to improve our ability to offer best value services to our customers.”
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SAIC is the largest employee-owned research and engineering company in the United States, providing information technology, systems integration and eSolutions to commercial and government customers. From science to solutions, SAIC engineers and scientists work to solve complex technical problems in national and homeland security, energy, the environment, space, telecommunications, health care and logistics. More information about SAIC can be found at www.saic.com.
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 the Company's Annual Report on Form 10-K for the period ended January 31, 2004, and such other filings that the Company 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.
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