Science Applications International Corporation (SAIC) has successfully completed its first week of operations after officially separating from Leidos Holdings, Inc.
“On September 27, SAIC began the next phase in its celebrated history,” Moraco said. “SAIC is a new company – a $4-billion restart, not a start-up – focused on delivering full lifecycle services and solutions to our customers to ensure their mission’s success. Our employees have been looking forward to this new era and are eager to showcase our enterprise capabilities to the world.”
The purpose of the spin-off was to eliminate government organizational conflicts of interests (OCI) caused in the substantial part by the predecessor’s products or development business. By eliminating these OCIs in the spin-off transaction, SAIC’s addressable markets are estimated to increase by nearly $25 billion.
“SAIC is being given a unique opportunity to better serve our existing customers by expanding our offerings to them and taking an enterprise approach,” said SAIC Sector President Nazzic Keene. “We expect this separation transaction will also yield improved financial results for our shareholders and opportunities for our employees.”
Moraco also noted, “We have transformed SAIC to better align with customers, leverage the full potential of our differentiated service offerings and expertise, and position our enterprise for enduring success. By reconstructing the company and optimizing our organizational structure, we are well positioned in an increasingly competitive global market.”
