SAIC acquiring Scitor Corp. for $790 million in cash
McLean-based Science Applications International Corp. (SAIC) is acquiring intelligence services provider Scitor Corp. for $790 million in cash.
The seller is the Los Angeles-based private equity firm Leonard Green & Partners.
The SAIC board of directors has approved the deal, which is expected to close in May and is subject to customary closing conditions.
Founded in 1979, Scitor is based in Reston and operates in Herndon, Chantilly, Charlottesville, Hampton and Arlington.
Scitor has annual revenue of about $600 million and has 1,500 employees, the majority of whom hold advanced security clearances, according to SAIC.
SAIC said the acquisition aligns with its strategy to expand into the intelligence community and Air Force markets.
This deal accelerates SAIC's entry to the intelligence community by providing access to classified contracts, cleared personnel and a robust security infrastructure, the company said.
The business models and cultures of the two companies are compatible with similar services portfolios, low capital requirements, and steady cash flows, SAIC said.