SAIC's purchase of ProcureNet a done deal

San Diego-based Science Applications International Corp. has completed the acquisition of ProcureNet Holdings Inc., the company announced this morning. Terms of the deal were not disclosed.

The purchase of ProcureNet of Fairfield, N.J., substantially boosts SAIC's capabilities in logistics and product support, company officials said. It adds about $250 million in revenue to the company and 175 employees to SAIC's Logistics and Engineering Solutions Business Unit.

Glenn San Giacomo, former ProcureNet president and new SAIC operations manager, will head the SAIC's Fairfield operation.

ProcureNet offers electronic procurement, logistics and supply chain management to the Defense Department and federal agencies. The operation's capabilities and experience in sourcing, procurement and delivery of products and services complements SAIC's skill sets, including the supply of Air Force and Navy aviation parts, demand forecasting technology, weapon systems support and large-scale systems integration.

SAIC has more than 44,000 employees and annual sales of $6.7 billion. The company ranks No. 5 on Washington Technology 2004 Top 100 list, which measures federal contracting revenue.