CSC Announces Definitive Agreement to Acquire Image Solutions, Inc.
News Release -- December 06, 2010
Acquisition will Expand Company’s Global Life Sciences Industry Footprint In U.S., Europe and Asia
FALLS CHURCH, Va., Dec. 6 – CSC (NYSE: CSC) today announced it has signed a purchase agreement to acquire Image Solutions, Inc., (ISI) a privately-held, global leader in regulatory submission management solutions and related implementation and outsourcing services for the Life Sciences sector. The anticipated acquisition will support the CSC Health Care strategic growth plan by expanding the company's presence in the Life Sciences sector. Completion of the transaction is subject to ISI Shareholder approval and other standard conditions to closing; however, the transaction is expected to close before the end of the calendar year. Financial terms of the deal were not disclosed.
ISI’s offerings, such as eCTDXPress and ISIPublisher, combined with CSC’s enterprise content management offerings such as FirstDoc and FirstPoint, will provide an integrated, end-to-end business solution for electronic regulatory submissions. Additional capabilities will also include integrated solutions that leverage ISI’s Life Sciences industry expertise with CSC’s established Cloud/SaaS capabilities.
With more than 450 employees specializing in healthcare business process outsourcing (BPO), software design and integration, professional services solutions, a strong leadership team and offices in the U.S., U.K., Germany, China and Korea, ISI will enhance CSC’s capability to support existing customers and add a robust set of new clients. ISI’s operations in China, for example, will add 200 BPO and software development employees to CSC’s existing China organization. ISI's Korean operations will also add to CSC’s global reach and growing presence in the Asian market.
The provision of high-value business process solutions will further highlight CSC’s commitment to both the global healthcare market and to solving clients’ critical business challenges.
“CSC brings a comprehensive, experienced approach to analyzing, orchestrating and securing new business opportunities in Life Sciences,” said Mark Roman, president, CSC Health Care Group. “We are pleased to add ISI’s deep healthcare and life sciences domain knowledge and history to the CSC family.”
“The combination of these companies will establish CSC as a strong player in healthcare IT,” said Jinsoo Kim, ISI founder and CEO. “Both companies will make a compelling combination to yield an end to end drug submission management solution that will serve our clients very well.”
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 October 1, 2010. For more information, visit the company’s website 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 April 2, 2010 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 event or otherwise, except as required by law.