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SAIC is a large technology firm with numerous federal, state, and private sector clients, and has worked extensively with the United States Department Of Defense and the Intelligence Community , including the National Security Agency . In fiscal year 2003, SAIC did over $2.6 billion in business with the United States Department Of Defense , making it the ninth largest defense contractor in the United States. Other large contracts include their lead on a contract for Information Technology for the 2004 Olympics in Greece 3 and from 2001 to 2005, SAIC was the primary contractor for the FBI 's failed Virtual Case File project.4 Dr. Beyster founded SAIC on the principles of employee ownership: that those who care about the value of a company (the shareholders) should be the same as the people responsible for producing that value (the employees). On November 3, 2003, Kenneth C. Dahlberg was named the CEO of SAIC, ending Beyster's 30+ years of leadership. In May 2005, under the new CEO, the company changed its external tagline from ''An Employee-Owned Company'' to ''From Science to Solutions'', retaining the former for internal communications. The company has had as part of its management and on its Board of Directors many well known public servants, including Melvin Laird, Secretary of Defense in the Nixon administration; William Perry, Secretary of Defense for Bill Clinton; John Deutsch, President Clinton's CIA Director; Admiral Bobby Ray Inman who served in various capacities in the NSA and CIA for the Ford, Carter and Reagan administrations; and David Kay who led the search for weapons of mass destruction for the U.N. following the 1991 Gulf War and for the Bush Administration following the 2003 Iraq invasion. In June 2001 the FBI paid SAIC $122 million to create a virtual case file system or VCF – software to speed up the sharing of information among agents. But the FBI abandoned VCF when it failed to function adequately. Robert Meuller, FBI Director, testified to a congressional committee, “When SAIC delivered the first product in December of 2003 we immediately identified a number of deficiencies – 17 at the outset. That soon cascaded to 50 or more and ultimately to 400 problems with that software … We were indeed disappointed.” INITIAL PUBLIC OFFERING SAIC conducted an Initial Public Offering of Common Stock on 13 October 2006 . The IPO raised US$1.7 billion. After the proposed IPO, existing employee-owners would retain between 80 percent and 90 percent of the new company, meaning that the employee ownership would be substantially preserved. On September 27, 2006, during a special meeting of stockholders, employee-owners voted by a margin of 86% to proceed with the IPO. The initial stock price is estimated at $13-$15 per share, with a public offering of 75 million shares. If the underwriters, Bear Stearns and Morgan Stanley , exercise overallotment options, an additional 11.25 million shares will be offered. The company also plans to pay a special dividend to existing stock holders upon completion of the IPO of $1.6 billion to $2.4 billion. OPERATIONS The Defense Intelligence Agency transitioned a Remote Viewing Program to Science Applications International Corporation [SAIC in 1991 and it was renamed Stargate Project . More seriously, in January 1999 new SAIC consultant Steven Hatfill , and his collaborator, SAIC vice president Joseph Soukup, commissioned William C Patrick (a retired leading figure in the old US bioweapons program) to report on the possibilities of terrorist anthrax mailings in the United States. (There had been a spate of hoax anthrax mailings in the previous two years.) Barbara Hatch Rosenberg said that the report was commissioned "under a CIA contract to SAIC". However, SAIC said Hatfill and Soukup commissioned it internally — there was no outside client. Patrick produced his 28-page report in February 1999. Some subsequently saw it as a "blueprint" for the 2001 Anthrax Attacks . The report suggested the maximum amount of anthrax powder -- 2.5 grams -- that could be put in an envelope without producing a suspicious bulge. This was just a little more than the actual amounts -- 2 grams each -- in the letters sent to Senators Tom Daschle and Patrick Leahy. But the report also suggested that a terrorist might produce a spore concentration of 50 billion spores per gram. This was only one-twentieth the actual concentration -- 1 trillion spores per gram -- in the letters sent to the Senators.William J Broad, "Terror Anthrax Linked to Type Made by U.S.", New York Times, 3 Dec. 2001; Barbara Hatch Rosenberg (director of the Federation of American Scientists' biochem weapons working group), " Analysis of the Anthrax Attacks " (copy); Guy Gugliotta and Dan Eggen, " Biological Warfare Experts Questioned in Anthrax Probe ", ''Washington Post'', June 28, 2002 (UCLA copy); Brian Ross, " Blueprint for Anthrax Attack ", ABC News online, 27 June 2002; Marilyn W Thompson, " The Pursuit of Steven Hatfill ", Washington Post, 14 Sept. 2003, p.W06.) SUBSIDIARIES
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