Lockheed’s EIG renamed The SI Organization

Lockheed Martin Corp.'s Enterprise Integration Group, which became an independent company after its formal divestiture last week, has been renamed The SI Organization Inc.

The private equity investment firm Veritas Capital acquired EIG for $815 million in cash.

Lockheed Martin’s decision to divest the business was based on the federal government’s increased concerns regarding perceived organizational conflicts of interest.

Now an independent company, The SI will operate without the OCI restrictions it faced under Lockheed Martin and is positioned for growth as a provider of full life-cycle, mission-focused systems engineering and integration services, according to a company announcement dated Nov. 23.

The renamed company employs more than 1,800 people and anticipates adding more than 300 people to its workforce over the next year.

The current senior management team will continue to lead the company, which is based in Valley Forge, Pa., according to the statement.

“This is a special moment for our company,” said Bill Graham, CEO of The SI. “We look forward to expanding our modeling, simulation and analysis support to core customers, as well as delivering these services to a broader customer base.”

“As we become an independent company, we are changing our name to better reflect the 40-year legacy of our business, as well as the unique value proposition we deliver to customers,” said Graham.

“The substantial growth we anticipate for the business as an independent entity should continue to provide exciting career prospects for our employees in the coming years.” said Bob McKeon, founder and managing partner of Veritas Capital.

Founded in 1992 in New York, Veritas Capital has focused on the defense and government services sectors and has been involved as the lead investor in transactions totaling more than $8 billion.

Lockheed Martin Corp., of Bethesda, Md., ranks No. 1 on Washington Technology’s 2010 Top 100 list of the largest federal government contractors.