CSC Enters into Agreement to Acquire Bass & Company
News Release -- August 05, 2010
Acquisition Strengthens CSC’s Utilities Industry Capabilities and Enhances Opportunities in Key Growth Market
FALLS CHURCH, Va., Aug. 5 -- CSC (NYSE: CSC) today announced that it has entered into an agreement to acquire Bass & Company, a privately-owned strategy and operations consulting firm providing services to electric, gas and water utilities. The acquisition will enable CSC to better serve global utilities clients, and also supports CSC's strategic industry growth plan to expand the company's presence in the chemical, energy and natural resources markets. Financial terms were not disclosed and the transaction is expected to be complete by August 30, 2010.
With a talented group of senior industry consultants accomplished in the fields of ‘smart utility,’ revenue cycle management/utility billing and collections, energy efficiency, and distribution processes and technology, as well as an impressive set of clients across the U.S. and Europe, Bass & Company provides an immediate opportunity for CSC to expand its business in the global utilities industry. The company’s CEO, Mike Bassignani, will lead CSC’s Utilities Division.
“Bass & Company’s strong reputation, industry expertise and extensive footprint of credible work in the utilities sector are exciting additions to the CSC organization,” said Bob Welch, president of CSC’s Chemical, Energy and Natural Resources Group. “As we look for strategic ways to extend our market reach and help our clients realize operational efficiencies through innovation, this acquisition was a natural fit. It builds on CSC’s profile in the industry by adding decades of experience in utilities, enhances our ability to offer business-relevant services, and positions CSC to win new business.”
“Our clients have been telling us for years that Bass & Company’s broad experience, deep expertise, and strong work ethic are why they continue to hire us, but that they wished we had the scale and capabilities to take on more than just select key roles on larger technology initiatives,” said Bassignani. “We’re thrilled to be joining CSC, a global organization with scale in the utility industry, which provides the breadth of integration and managed services capabilities that enable us to pursue the great opportunities we see in the global utilities marketplace.”
CSC's Chemical, Energy and Natural Resources Group — which serves utility, chemical, petroleum and natural resources companies worldwide — is a global leader in helping companies achieve strategic business objectives through the application of industry-relevant business solutions and services.
To learn more about CSC’s Utilities industry solutions, visit http://www.csc.com/utilities.
CSC is a global leader in providing technology enabled solutions and services through three primary lines of business. These include Business Solutions and Services, the Managed Services Sector and the North American Public Sector. CSC’s advanced capabilities include system design and integration, information technology and business process outsourcing, applications software development, Web and application hosting, mission support and management consulting. The company has been recognized as a leader in the industry, including being named by FORTUNE Magazine as one of the World’s Most Admired Companies for Information Technology Services (2010). Headquartered in Falls Church, Va., CSC has approximately 94,000 employees and reported revenue of $16.1 billion for the 12 months ended April 2, 2010. For more information, visit the company’s website at www.csc.com.