The SI Organization, Inc. Becomes an Independent Company
The SI completes transition from Lockheed Martin
VALLEY FORGE, Pa., Nov. 23, 2010 /PRNewswire/ -- The SI Organization, Inc. (The SI), a leading provider of full life cycle, mission-focused systems engineering and integration services, has commenced operations as an independent company. Free from organizational conflict of interest (OCI) constraints, The SI is positioned for growth in core and adjacent markets.
"This is a special moment for our company," said Bill Graham, CEO of The SI. "We look forward to expanding our modeling, simulation and analysis support to core customers, as well as delivering these services to a broader customer base."
As announced Oct. 13, private equity investment firm Veritas Capital agreed to acquire The SI, formerly an operating unit within Lockheed Martin called the Enterprise Integration Group.
"As we become an independent company, we are changing our name to better reflect the 40-year legacy of our business, as well as the unique value proposition we deliver to customers," said Graham. "Since the 1970s, The SI has partnered with our customers to solve their most complex challenges. Our world-class engineers develop solutions and objectively evaluate technical, programmatic and cost alternatives to maximize mission value."
Lockheed Martin's decision to divest the business was based on the U.S. Government's increased concerns regarding perceived conflicts of interest. As an independent company, The SI will operate without the OCI restrictions it faced under Lockheed Martin.
"It is an honor and privilege for us to be associated with a company of this quality and national importance," said Bob McKeon, Founder and Managing Partner of Veritas Capital. "Our most important priorities for The SI are to maintain the exceptional level of service the company provides to its customers, as well as preserve the special culture that has enabled Bill Graham to attract, retain and motivate such an exceptional group of professionals. The substantial growth we anticipate for the business as an independent entity should continue to provide exciting career prospects for our employees in the coming years."
The SI employs more than 1,800 people and anticipates adding more than 300 people to its workforce over the next year. The current senior management team will continue to lead the company upon separation from Lockheed Martin.
About The SI
The SI Organization, Inc. is a leading provider of full life cycle, mission-focused systems engineering and integration services to the U.S. intelligence community, Department of Defense and other agencies. Our scalable systems engineering platform for modeling, simulation and analysis helps customers baseline requirements, optimize resources and manage risk. We have a 40-year history of successfully delivering complex, system-of-systems technology solutions. In November 2010, The SI separated from Lockheed Martin and became an independent company. The SI is headquartered in Valley Forge, Pa., and employs more than 1,800 people. For more information, visit our website: www.the-SI.com.
About Veritas Capital
Founded in 1992 and headquartered in New York, Veritas Capital is a leading private equity investment firm that invests in companies that provide critical products and services to governments worldwide. Since its founding, Veritas has been involved as the lead investor in transactions totaling more than $8 billion in value. Veritas is the premier private equity firm focused on the defense and government services sector and ranks in the top decile in terms of investment performance since its founding. For more information, please visit http://www.veritascapital.com.
SOURCE The SI Organization, Inc.
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