MCLEAN, Va., Feb. 25, 2013 /PRNewswire/ -- SAIC today announced the names for the businesses expected to be created in the latter half of this fiscal year following its planned separation into two independent, publicly traded companies, as announced Aug. 30. The technical services and enterprise Information Technology (IT) business will continue the SAIC name, and the national security, health and engineering business will be named 'Leidos' – a coined word, clipped from 'kaleidoscope,' signifying how the company will bring together solutions from different angles, yielding innovative and effective solutions.
"With this announcement, we take another step in the disciplined, deliberate process that will result in two world-class companies when our board approves the separation," said Chairman and CEO John Jumper.
"With the name Leidos, we signal that the company will deliver transforming technologies, analytics and cross-disciplinary insight for our customers to deliver real-world benefits at the speed the real world demands," said SAIC COO Stu Shea, who will serve as President and COO of Leidos. "It's a memorable word with dynamic connotations that capture the energy, talent and passion that our employees bring as they work to deliver solutions that protect our nation, our communities, and our families."
Continuing the SAIC name for the new services company will help enable future performance and success, according to Tony Moraco, SAIC's future CEO.
"SAIC has brand equity built over 44 years of outstanding performance delivering for customers in technical services and enterprise IT, and we will capitalize on that," he said. "We will be going to the marketplace with both a current success story and the beginning of a new era."
The separation is expected to occur in the latter half of the company's fiscal year, pending final approval of SAIC's Board of Directors. The name change is subject to stockholder approval.
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The Company's approximately 40,000 employees serve customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets. Headquartered in McLean, Va., SAIC had annual revenues of approximately $10.6 billion for its fiscal year ended January 31, 2012. For more information, visit http://www.saic.com/. SAIC: From Science to Solutions®
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. Forward-looking statements in this release include, among others: our intent to separate into two independent publicly traded companies as a result of the proposed spin-off; the timing of the proposed transaction; and expectations for the two independent companies following the spin-off. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. 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, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the proposed spin-off; failure to obtain stockholder approval to change the name of the corporation; failure to realize the expected benefits of the proposed spin-off. the impact of the proposed spin-off on the company's or the newly formed company's employees, customers and suppliers; disruption to business operations as a result of the proposed transaction; the inability to retain key personnel; and the inability of the companies to operate independently following the spin-off. These are only some of the factors that may affect the forward-looking statements contained in this release. For further information concerning risks and uncertainties associated with our business, please refer to the filings we make from time to time with the U.S. Securities and Exchange Commission, including the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2012, subsequent quarterly reports on Form 10-Q and other such filings that SAIC makes with the SEC from time to time, all of which may be viewed or obtained through the Investor Relations section of our web site at http://www.saic.com. 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.