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In 2012 SAIC was ordered to pay $500 million to the City of New York for overbilling the city over a period of seven years on the CityTime contract. [15] [16] In 2014 Gerard Denault, SAIC's CityTime program manager, and his government contact were sentenced to 20 years in prison for fraud and bribery related to that contract. [17]
CityTime was a New York City contract to build a timekeeping and payroll system for city employees, awarded to SAIC as a no-bid, $63 million contract in 2003. [1] In the following years, the contract ballooned to $700 million, as consultant rates were artificially inflated, and contract terms were adjusted to make the city responsible for "cost overruns".
However, Leidos is the legal successor of the original SAIC and retains SAIC's pre-2013 stock price and corporate filing history. [ 24 ] Before the split, Leidos employed 39,600 employees and reported $11.17 billion in revenue and $525 million net income for its fiscal year ended January 31, 2013, [ 25 ] making it number 240 [ 26 ] on the ...
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SAIC (NYS: SAI) reported earnings on Aug. 30. Here are the numbers you need to know. The 10-second takeaway For the quarter ended July 31 (Q2), SAIC beat expectations on revenues and missed ...
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SAIC has struggled in recent years, with SAIC stock having posted sharp declines in 2011 and 2012 in response to adverse conditions among companies relying on the federal government for ...
SAIC were to have a 70% stake in this company in return for a £1 billion investment, with MG Rover owning the remaining 30%. However, the National Development and Reform Commission held the opinion that if BMW could not make a success of Rover, then it would be hard for SAIC to do so.