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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".
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]
The analyst says that SAIC must secure new contracts and effectively execute them, as some projects may carry higher risks and technical demands, though they offer the potential for improved margins.
SAIC’s stock price has risen by about 30% during Townes-Whitley’s first year as CEO, and the company has secured significant new deals — among them a $229 million contract to advance IT ...
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 ...
Websites To Watch Full Movies for Free: 9 Safe, Secure and Legal Options These sites allow you to stream movies and TV shows for free. Some don’t require you to open an account, and, if you do ...
SAIC is the prime contractor on the contract. About SAIC SAIC is a premier Fortune 500® technology integrator focused on advancing the power of technology and innovation to serve and protect our world. Our robust portfolio of offerings across the defense, space, civilian and intelligence markets includes secure high-end solutions in mission IT ...
Margins matter. The more SAIC (NYS: SAI) keeps of each buck it earns in revenue, the more money it has to invest in growth, fund new strategic plans, or (gasp!) distribute to shareholders. Healthy ...