McLEAN, Va., Aug. 2 /PRNewswire-FirstCall/ -- Science Applications International Corporation (SAIC) [NYSE: SAI] today announced that it has entered into a definitive agreement to acquire Reveal Imaging Technologies, Inc., a leading threat detection products and services company. Reveal is headquartered in Bedford, Mass.
Reveal was founded in 2002 in direct response to the U.S. government's post-9/11 mandate for aviation security screening. Reveal initially focused on developing technology to accurately and efficiently screen checked baggage at airports, and today continues to support the efforts of the Transportation Security Administration (TSA) as a supplier of Explosive Detection System (EDS) and automated threat detection technologies. In 2004, the TSA certified the company's Reveal CT-80 EDS to automatically inspect checked baggage for explosives. Reveal is one of only a few companies that has a product that has successfully completed TSA's certification process for automated EDS of checked baggage.
Reveal will join SAIC's Security and Transportation Technology Business Unit, part of SAIC's Infrastructure, Energy, Health and Product Solutions Group led by Joe Craver. The acquisition will enhance SAIC's homeland security solutions portfolio, adding TSA approved, EDS baggage screening systems to the highly successful VACIS® passenger and cargo inspection systems used by customs, military and other security organizations worldwide to detect illicit items hidden inside vehicles and cargo containers.
"We are pleased with the opportunity to welcome Reveal to SAIC's homeland security solutions team," said Craver. "This acquisition will provide us with technology to help build on our existing foundation of solution-focused products."
"The entire team at Reveal is excited to join SAIC," said Michael Ellenbogen, president and CEO of Reveal. "SAIC's world class technical expertise and R&D focus greatly expand our ability to provide leading edge detection solutions for our aviation and facility security customers."
The acquisition is expected to close by the end of August, subject to customary closing conditions, including expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. Terms of the acquisition were not disclosed.
Founded in 2002, Reveal Imaging Technologies, Inc., of Bedford, Mass., is a privately held company funded by leading venture capital firms including Brown Brothers Harriman, Flybridge Capital Partners, General Catalyst Partners, and Greylock Partners. Reveal provides industry-leading threat detection products and services. The company's flagship explosives detection system is deployed in key international markets to safeguard a diverse and growing number of people, places and transportation systems every day.
SAIC is a FORTUNE 500® scientific, engineering, and technology applications company that uses its deep domain knowledge to solve problems of vital importance to the nation and the world, in national security, energy and the environment, critical infrastructure, and health. The company's approximately 45,000 employees serve 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. Headquartered in McLean, Va., SAIC had annual revenues of $10.8 billion for its fiscal year ended January 31, 2010. For more information, visit www.saic.com. SAIC: From Science to Solutions®
Statements in this announcement, other than historical data and information, constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements, or industry results to be very different from the results, performance, or achievements expressed or implied by such forward-looking statements. Some of these factors include, but are not limited to, the risk factors set forth in SAIC's Annual Report on Form 10-K for the period ended January 31, 2010, and other such filings that SAIC makes with the SEC from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof.
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