SAIC Signs Agreement to Acquire Benham Investment Holdings, LLC

Jul 06, 2007, 01:00 ET from SAIC

    SAN DIEGO and MCLEAN, Va., July 6 /PRNewswire-FirstCall/ -- Science
 Applications International Corporation (NYSE:   SAI) announced today that it
 has signed a definitive agreement to acquire Benham Investment Holdings,
 LLC (Benham) and its subsidiaries. Benham is an engineering and life-cycle
 technology implementation firm that serves federal government and Fortune
 500(R) commercial customers.
     Headquartered in Oklahoma City, Benham offers a full range of
 capabilities in consulting, engineering, architecture and design/build,
 including specialized expertise in energy management, industrial
 manufacturing and facilities, software development and integration,
 alternative fuels and process engineering, and advanced visualization and
 communication systems.
     "For Benham, this alignment provides an operating platform for
 leveraging its capabilities in facilities planning and design, technology
 integration and design/build project delivery," said Rainey Williams, a
 member of the Board of Benham Investment Holdings. "Further, it will help
 increase Benham's business in strategic areas where application of
 technology presents compelling business opportunities."
     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.
     "The acquisition of Benham will accelerate SAIC's growth in the energy
 management services market with both federal and commercial customers,"
 said Joe Craver, president of SAIC's Infrastructure, Logistics and Product
 Solutions Group. "Benham's expertise in energy project design,
 implementation, and monitoring and reporting, combined with SAIC's core
 capabilities in energy consulting, research and development, and risk
 management, creates an end-to- end solution for the energy market. The
 capabilities they bring will allow us to efficiently integrate and
 implement solutions that are designed to deliver high value to our
 customers. We look forward to welcoming the Benham employees to the SAIC
     The acquisition is expected to close in August 2007, subject to
 customary closing conditions, including expiration of the waiting period
 under the Hart- Scott-Rodino Antitrust Improvements Act. Terms of the
 acquisition were not disclosed. Upon completion of the acquisition, Benham
 and its subsidiaries, including The Benham Companies and Benham
 Constructors, will become subsidiaries of SAIC. Benham's headquarters will
 remain in Oklahoma City.
     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.
     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.