Engineering and technical services provider SAIC Inc. disclosed that its spin-off, Leidos Holdings Inc., will have its headquarter in Reston, Va. The relocation is likely to take place in phases, with approximately 150 employees immediately shifting to the new headquarters in Reston and an additional 450 employees moving over time.
SAIC Inc. intends to split into two separate companies by the end of the current year. The namesake will continue to be housed in the erstwhile headquarters in McLean, Va., while Leidos will have a new facility.
The namesake division, Science Applications International Corp, will focus on information technology and other services. On the other hand, Leidos will primarily concentrate on national security, engineering and other related works.
Since its inception in 1969, SAIC Inc. has utilized its domain knowledge to solve critically important problems of the country in areas such as national security, energy and the environment, critical infrastructure, and health. The company presently has employee strength of approximately 38,000, serving customers in the U.S. Department of Defense, the intelligence community, the U.S. Department of Homeland Security, other U.S. Government civil agencies and selected commercial markets.
SAIC Inc. registered annual revenues of approximately $10.6 billion for the fiscal year ended Jan 31, 2012. The company is scheduled to release its second quarter fiscal 2014 results on Sep 4, 2013. The current Zacks Consensus Estimate for the second quarter is pegged at 20 cents.
SAIC Inc. has a Zacks Rank #3 (Hold). Other players in the industry worth mentioning include Booz Allen Hamilton Holding Corporation (BAH - Free Report) and Providence Service Corp. , both carrying a Zacks Rank #1 (Strong Buy), and ICF International Inc. (ICFI - Free Report) that retains a Zacks Rank #2 (Buy).