SAIC today announced the names for the businesses expected to be created in the latter half of this fiscal year following its planned separation into two independent, publicly traded companies, as announced Aug. 30. The technical services and enterprise Information Technology (IT) business will continue the SAIC name, and the national security, health and engineering business will be named 'Leidos' – a coined word, clipped from 'kaleidoscope,' signifying how the company will bring together solutions from different angles, yielding innovative and effective solutions.
"With this announcement, we take another step in the disciplined, deliberate process that will result in two world-class companies when our board approves the separation," said Chairman and CEO John Jumper.
"With the name Leidos, we signal that the company will deliver transforming technologies, analytics and cross-disciplinary insight for our customers to deliver real-world benefits at the speed the real world demands," said SAIC COO Stu Shea, who will serve as President and COO of Leidos. "It's a memorable word with dynamic connotations that capture the energy, talent and passion that our employees bring as they work to deliver solutions that protect our nation, our communities, and our families."
Continuing the SAIC name for the new services company will help enable future performance and success, according to Tony Moraco, SAIC's future CEO.
"SAIC has brand equity built over 44 years of outstanding performance delivering for customers in technical services and enterprise IT, and we will capitalize on that," he said. "We will be going to the marketplace with both a current success story and the beginning of a new era."
The separation is expected to occur in the latter half of the company's fiscal year, pending final approval of SAIC's Board of Directors. The name change is subject to stockholder approval.
Source: Science Applications International Corporation (SAIC) (NYSE: SAI)
Date: Feb 25, 2013