SAIC to pursue bolder acquisition strategy, sell off a portion of its business
As contractors make moves to realign businesses with growing sectors, SAIC is selling off oil and gas IT service units and buoying its acquisition strategy.
During a call with investors, Science Applications International Corp. revealed that it will sell part of its commercial business units with the goal of stepping up its acquisition growth strategy, according to a Capital Business report in the Washington Post.
In particular, CEO Walter Havenstein told the Post in last week’s call that the company will divest its oil and gas IT services businesses because their cultivation “would have required substantial investment in management time and attention in areas outside our strategic growth areas.”
The portion of the company to be sold off, which will not include any domestic utilities areas, brings in about $200 million in revenue, said SAIC Chief Financial Officer Mark Sopp.
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