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SAIC Completes Sale of its Global Oil and Gas IT Services Business to Wipro Ltd.
Company Reconfirms Growth Strategy in Other Energy Verticals
MCLEAN, Va., June 13, 2011 /PRNewswire/ -- Science Applications International Corporation (SAIC) (NYSE: SAI) announced today it has completed the sale of its operations focused on providing specialized information technology (IT) services to oil and gas companies to Wipro Ltd. (NYSE: WIT).
The operations sold include SAIC's U.S.-based oil and gas IT services business, along with subsidiaries located in the United Kingdom (SAIC Ltd.), France (Science Applications International, Europe S.A.R.L.), and India (SAIC India Private Ltd). It is expected that SAIC's subsidiary in the Middle East (SAIC Gulf LLC) will transfer to Wipro when certain regulatory approvals have been received. As part of the sale, approximately 1,450 employees will join Wipro from SAIC's Health, Energy, and Civil Solutions Group led by Joe Craver.
"With Wipro, the operations sold will have an owner with a strategic focus in multinational commercial oil and gas IT services and a significant footprint, which will enable them to maximize the value of this profitable business," said Craver. "SAIC remains committed to our strategic growth areas we have identified in the energy sector, including smart grid, renewable energy implementation, and energy efficiency."
About SAIC
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 41,000 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 $11.1 billion for its fiscal year ended January 31, 2011. 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. 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, 2011, and other such 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.
Contact: Melissa Koskovich Laura Luke
(703) 676-6762 (703) 676-6533
Melissa.l.koskovich@saic.com laura.luke@saic.com
SOURCE SAIC
SAIC
Web Site: http://www.saic.com
SAIC Completes Sale of its Global Oil and Gas IT Services Business to Wipro Ltd.
Company Reconfirms Growth Strategy in Other Energy Verticals
MCLEAN, Va., June 13, 2011 /PRNewswire/ -- Science Applications International Corporation (SAIC) (NYSE: SAI) announced today it has completed the sale of its operations focused on providing specialized information technology (IT) services to oil and gas companies to Wipro Ltd. (NYSE: WIT).
The operations sold include SAIC's U.S.-based oil and gas IT services business, along with subsidiaries located in the United Kingdom (SAIC Ltd.), France (Science Applications International, Europe S.A.R.L.), and India (SAIC India Private Ltd). It is expected that SAIC's subsidiary in the Middle East (SAIC Gulf LLC) will transfer to Wipro when certain regulatory approvals have been received. As part of the sale, approximately 1,450 employees will join Wipro from SAIC's Health, Energy, and Civil Solutions Group led by Joe Craver.
"With Wipro, the operations sold will have an owner with a strategic focus in multinational commercial oil and gas IT services and a significant footprint, which will enable them to maximize the value of this profitable business," said Craver. "SAIC remains committed to our strategic growth areas we have identified in the energy sector, including smart grid, renewable energy implementation, and energy efficiency."
About SAIC
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 41,000 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 $11.1 billion for its fiscal year ended January 31, 2011. 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. 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, 2011, and other such 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.
Contact: Melissa Koskovich Laura Luke
(703) 676-6762 (703) 676-6533
Melissa.l.koskovich@saic.com laura.luke@saic.com
SOURCE SAIC
SAIC
Web Site: http://www.saic.com