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SAIC - Agreement to Acquire Icon Systems, Inc.

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: 12 March, 2008  (Company News)
Science Applications International Corporation have announced that it has signed a definitive agreement to acquire Icon Systems, Inc. (Icon), a recognized leader in the design, development and production of state-of-the-art laser-based systems and products for military training and testing. This acquisition strengthens SAIC's position in the virtual and live training environments and allows the company to provide a more comprehensive array of capabilities in this arena.
Icon will be an operation within SAIC's Analysis, Simulations, Systems, Engineering and Training business unit under the continuing leadership of Himanshu Parikh, Icon's co-founder and chief executive officer. 'Like SAIC, Icon is a company of entrepreneurs and innovators who look for ways to solve our customers' most vexing challenges,' said Parikh. 'Our cultures match up well. We both have a strong focus on providing opportunities for our people and building close relationships with our customers.'

'We are extremely pleased with this acquisition as it represents a significant step toward our goal of embedding training and achieving convergence in live, virtual and constructive offerings,' said Beverly Seay, SAIC senior vice president and business unit general manager. 'Icon is uniquely positioned to provide the government with tactical engagement simulation systems containing current and next generation products and technologies. They have transformed the live training industry by successfully fielding an advanced wireless system for laser-based tactical training, substantially reducing the life cycle logistics cost for those systems.'

'We look forward to welcoming the Icon team of professionals to the SAIC team,' said Deborah Alderson, president of SAIC's Defense Solutions Group. 'Their skills and technology coupled with our proven training systems will position SAIC to become a major provider of embedded training in a wide variety of combat vehicles, making the transition from training to real world seamless to our warfighters and their commands.'

The acquisition is expected to close in April 2008, subject to customary closing conditions including termination or expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

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