CSC Announces $348 Million IT Services Contract Extension with Tryg
News Release -- April 13, 2011
CSC to Provide New Technologies Including CSC Dynamic Desktop and Private Cloud Technologies
FALLS CHURCH, Va., April 13 -- CSC (NYSE: CSC) today announced that it has signed a seven-year information technology (IT) outsourcing contract renewal with Tryg, the second-largest insurance company in the Nordic region. The new agreement expands the scope of the existing contract to include new services and extends to include Tryg’s most recent acquisitions in Finland and Sweden with Moderna. This extension, which was awarded during CSC’s fiscal 2011 fourth quarter, adds $348 million to the previously announced contract, which now runs through December 2017, if all options are exercised.
As part of the agreement, CSC will deploy a series of innovative new technologies including CSC Dynamic Desktop and private cloud technologies that will provide further IT cost efficiency and flexible support for the transition and business development of Tryg.
Under the terms of the contract, which supersedes the previous agreement signed in 2007, CSC will continue to provide IT infrastructure services, including help desk, mainframe, midrange, network, Web hosting, project work, print and distributed computing. These services will support approximately 4,500 users at Tryg locations in Denmark, Norway, Sweden and Finland. These services have resulted in continued cost reductions over the course of the previous seven-year partnership, while delivering high-quality IT services to support Tryg’s business and its partners.
“We are pleased to confirm our partnership with CSC in signing this new agreement to support our insurance activities across the Nordic countries,” said Morten Hübbe, group chief executive officer, Tryg. “It is important to Tryg’s future business development that we establish an affordable and world-class IT support with the geographical breadth and depth that matches our ambitions.”
“This expansion and extension represents a milestone in our partnership with Tryg,” said Andy Williams, president of CSC’s Northern European Operations. “This renewal is testament to the benefits Tryg has received from outsourcing. CSC’s expertise and growth within the financial services industry will provide Tryg with the next generation of innovative, flexible and cost-effective IT services to support its business agenda.”
Tryg is the second-largest general insurer in the Nordic region with activities in Denmark, Norway, Finland and Sweden. Tryg is the largest general insurer in Denmark and Norway’s third-largest general insurer with rapidly growing activities in Finland and Sweden since 2001 and 2006, respectively.
Tryg wants to be perceived as the leading peace-of-mind provider of the Nordic region. Tryg aims to prevent concerns from overshadowing our customers’ lives. Throughout 2010, our more than 4,300 employees and our insurance products interacted to provide peace of mind on a daily basis to more than 2.7 million private customers and more than 140,000 businesses in the Nordic region. Tryg sells the majority of its products through our own distribution channels and in addition has a strong strategic partnership with Nordea, one of the largest financial services providers in the Nordic region. For more information, visit the company’s Web site at www.tryg.com.
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 (2011). Headquartered in Falls Church, VA., CSC has approximately 93,000 employees and reported revenue of $16.2 billion for the 12 months ended December 31, 2010. For more information, visit the company’s website at www.csc.com.