Director, Media Relations Corporate 310.615.1647
Director, Investor Relations Corporate 310.615.1700
CSC STRENGTHENS GLOBAL DELIVERY CAPABILITIES WITH BULGARIAN ACQUISITION
News Release -- December 11, 2008
Firm to Operate as Nearshore Delivery Center for European Clients
FALLS CHURCH, Va., Dec. 11 -- CSC (NYSE: CSC) today announced the acquisition of Object Builder Software (OBS), a Bulgarian information technology (IT) services firm. The all cash acquisition expands CSC's global delivery capabilities and complements the company's network of lower-cost centers in Eastern Europe, providing clients with expanded industry vertical expertise, time zone coverage, and technical and language skills.
The addition of OBS expands CSC's financial services and high technology capabilities in Europe, offering clients a stable workforce with low turnover and competitive hourly rates. Under the terms of the agreement, all OBS employees are expected to transfer to CSC, providing software development and systems integration support to CSC clients in five languages, including English, French, German, Russian and Bulgarian. The majority of OBS employees are located in Sofia, Bulgaria, with the balance in Varna.
"Bulgaria's reputation as a low-cost Eastern European country strategically positioned to serve both Western and Eastern Europe enables OBS to operate as a nearshore delivery center for CSC's European clients," said Mary Jo Morris, president of CSC's World Sourcing Services organization. "This new Bulgarian center complements our existing European sourcing capabilities in Spain, Lithuania and the Czech Republic, and adds substantial capability in three key industry sectors: insurance, healthcare and high technology."
The OBS acquisition is part of CSC's strategy to expand the company's global network by opening centers in locations previously untapped by competitors. By targeting these locations, CSC can take advantage of readily available talent and resources to enhance its global capabilities, differentiate offerings from competitors and better address client needs. With more than 60 centers around the world, CSC's globally integrated workforce gives the company greater flexibility to adapt to changing market dynamics.
"OBS has partnered with CSC for more than ten years in the financial services sector supporting the development and integration of our products and services in Europe," continued Morris. "This acquisition will enable CSC to leverage that capability more broadly across our client base. We are pleased to welcome OBS into the CSC family."
CSC is a global leader in providing technology-enabled solutions and services through three primary lines of business. These include Business Solutions & Services, Global Outsourcing Services and the North American Public Sector. CSC's advanced capabilities include systems design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $17.3 billion for the 12 months ended Oct. 3, 2008. For more information, visit the company's Web site at www.csc.com.
All statements in this press release and in all future press releases that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements represent the Company's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, many of which are outside the Company's control. These factors could cause actual results to differ materially from such forward-looking statements. For a written description of these factors, see the section titled "Risk Factors" in CSC's Form 10-K for the fiscal year ended March 28, 2008 and any updating information in subsequent SEC filings. The Company disclaims any intention or obligation to update these forward-looking statements whether as a result of subsequent events or otherwise except as required by law.