CSC Completes Acquisition of First Consulting Group |
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Computer Sciences Corp.
2100 E. Grand Ave.
El Segundo, CA, 90245
USA
Press release date: January 14, 2008
Acquisition Advances CSC's Growth Strategy, Increasing CSC's Domestic and Offshore Healthcare Expertise and Service Delivery Capabilities
EL SEGUNDO, Calif., Jan. 14 / -- Computer Sciences Corporation (NYSE:CSC) today announced that the company has completed its acquisition of First Consulting Group (NASDAQ:FCGI) for $13.00 per share, or approximately $365 million, in an all-cash transaction. The announcement follows approval of the acquisition by the stockholders of FCG at a stockholder meeting Jan. 10.
Approximately 2,500 FCG employees are expected to transition to CSC. Of these, approximately 1,200 will be located in offshore locations, including India and Vietnam. The remainder will be located in the U.S. and Europe.
"This acquisition furthers CSC's Project Accelerate strategy by enhancing our healthcare expertise and intellectual property and expanding our worldwide delivery capabilities," said CSC Chairman, President and Chief Executive Officer Michael W. Laphen. "With this action, we significantly strengthen our capabilities and offerings in this key vertical, as well as expand our healthcare presence in the United States, Europe and Asia."
"We are pleased to announce the completion of this acquisition," said Larry Ferguson, Chief Executive Officer of FCG. "CSC is a leader in the global IT services industry and will now be an even stronger player in the healthcare technology market. In addition, this transaction delivers significant value to our stockholders and provides FCG employees with new and expanded career opportunities."
"Combining the respective strengths of FCG and CSC accelerates our healthcare business plan and is a significant step toward our goal of transforming healthcare through the use of information technology," said Russ Owen, president of CSC's Americas Commercial Group. "First Consulting Group brings new industry-specific solutions and capabilities that, when combined with CSC's healthcare industry and technology expertise, will enable us to bring more comprehensive and innovative solutions to the healthcare market."
Under Project Accelerate, major growth initiatives being undertaken by CSC include: maximizing the potential represented in CSC's Indian offshore capabilities; developing a robust presence in the emerging midsize outsourcing marketplace; aligning vertical industry activities, such as healthcare, with markets representing the greatest growth potential; enhancing global integration and world sourcing capabilities; and strengthening the company's position in public sector business.
About CSC
Computer Sciences Corporation is a leading global information technology (IT) services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 89,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $15.5 billion for the 12 months ended Sept. 28, 2007. For more information, visit the company's Web site at http://www.csc.com/.
FCMN Contact: lbjohnso@csc.com
Source: Computer Sciences Corporation
CONTACT: Mike Dickerson Director, Media Relations, Corporate +1-310-615-1647 mdickers@csc.com or Janet Herin, Manager, Media Relations Corporate +1-310-615-1693 jherin@csc.com
Web site: http://www.csc.com/
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