CSC Acquires Brazilian IT Services Firm VIXIA
News Release -- June 06, 2011
Acquisition Strengthens CSC’s Presence in Latin America and Offers Winning Combination of Global Financial Services Applications, Delivery Expertise and Services
FALLS CHURCH, Va., June 6 – CSC (NYSE: CSC) today announced it has acquired VIXIA Consultoria e Tecnologia Ltda., a São Paulo-based IT services firm focused on providing core operational software, business consulting and systems integration services to leading insurance, reinsurance and financial institutions in Brazil. The combination of CSC and VIXIA will offer the Latin American market a proven, global portfolio of financial services-specific applications and services, along with deep, local market and service delivery expertise. The acquisition advances CSC’s position to support the expansion objectives of its multinational clients, as well as its position to pursue and win new business in this emerging financial services market. Financial terms of the agreement were not disclosed.
CSC announced its increased presence in Latin America in 2009, when it introduced a broad spectrum of software and services for the region’s financial services industry. This followed a strategic acquisition in Brazil which established CSC as a major provider of consulting and systems integration services. The VIXIA team will leverage CSC's current base of business to pursue new business in Latin America.
By adding VIXIA, a previous CSC partner, CSC gains a leadership team and staff with significant experience and relationships with local insurers and banks. Having these local capabilities improves CSC’s ability to address the needs of this important emerging market, as a growing number of insurance companies and banks in Brazil and across Latin America are seeking to modernize their information technology capabilities.
“Joining forces with a leading global organization with all the financial services industry capabilities that CSC provides will enable us to offer our clients and prospects a much broader set of industry-specific and globally proven solutions and capabilities,” said Geraldo Cavagnari, president, VIXIA, who along with Wagner Antunes, sales director, will join CSC as managing directors of the Financial Services Group in Brazil. “Together, we can focus our expertise and resources to address the current and future mission-critical needs of the Latin American insurance and banking industry.”
“We welcome VIXIA to our CSC team of nearly 91,000 professionals from around the globe who help our clients meet important and complex challenges each and every day,” said Ray August, president of CSC’s Financial Services Group. “Expanding our financial services business in high-growth geographies, including Latin America, is a key thrust of our strategy, and the acquisition of VIXIA enhances CSC’s ability to serve both local and multinational clients operating in the region.”
CSC’s insurance, reinsurance and banking software supports the diverse business requirements of the region including unique country-specific regulations, languages and currencies. Financial services firms also benefit from CSC’s proven approach to providing management consulting, systems integration, and IT and business process services and outsourcing. For more information, visit www.csc.com/br.
About CSC in Financial Services
More than 1,200 major banking, insurance, investment and wealth management, and securities firms rely on CSC's global financial services team to turn their ambitions into realities. With a track record for delivering software, consulting, and IT and business process outsourcing and services at scale, CSC brings a deep understanding of the financial services business and a collaborative culture to one of the industry's most engaged client communities. For more information, visit www.csc.com/financialservices.
CSC is a global leader in providing technology-enabled business solutions and services. Headquartered in Falls Church, Va., CSC has approximately 91,000 employees and reported revenue of $16.0 billion for the 12 months ended April 1, 2011. 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.