SAIC Awarded $928M Air Force Contract for Rapid Warfighting Prototype Development

Science Applications International Corporation (NASDAQ:SAIC) is one of the cheap IT stocks hedge funds are buying. On June 25, Science Applications International was awarded a significant contract, called the Hyper-Innovative Operational Prototype Engineering/HOPE 2.0, which is valued at $928 million.

The contract supports the US Air Force Tactical Exploitation of National Capabilities/AF TENCAP and is set to begin this July, spanning a 5-year performance period. AF TENCAP operates as a congressionally mandated rapid-acquisition organization. Its primary function is to use existing air, space, cyber, national, and global Intelligence, Surveillance, and Reconnaissance/ISR systems.

The aim is to expedite the delivery of innovative and secure warfighting capabilities across Air Force and Joint military missions for the Department of Defense/DoD. Under this agreement, SAIC will provide Research, Development, Test, and Evaluation/RDT&E mission engineering services. These services are intended to assist AF TENCAP in developing prototypes that are near-ready for formal programs of record.

Science Applications International Corporation (NASDAQ:SAIC) provides technical, engineering, and enterprise IT services in the US.

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Disclosure: None. This article is originally published at Insider Monkey.