SAIC.

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Security Blanket. The proposed $1.7 billion offering of shares in Science Applications International, a long-standing member of the Forbes private companies rankings, will be, if it goes through, the largest since Google went public in August 2004. This high-tech, employee-owned outfit has security stamped all over it. Half of its 42,000 employees have national security clearance. Working mostly on government contracts (which account for 86% of revenue), it integrates computer systems, builds surveillance systems and participates broadly in the $150 billion global security market. SAIC also conducts research and development in fields ranging from health care to robotics. Revenue has grown 16% annually since 2001 to $7.2 billion; the backlog is $3.4 billion.

Defense tech consulting

REVENUES
$7.2 bil

IPO File Date
Sept. 1, 2005

PROPOSED OFFER VALUE
$1.7 bil

PROPOSED TICKER
SAI

LEAD UNDERWRITERS
Morgan Stanley
Bear Stearns

PHOTO (COLOR): Friend or foe? SAIC's radar signature prediction technology can help troops tell the difference.