CSC strengthens presence in financial services market through Vixia acquisition

- Monday, June 6, 2011

CSC strengthens presence in financial services market through Vixia acquisition

US IT services provider CSC (NYSE: CSC) has acquired São Paulo-based Brazilian firm Vixia Consultoria e Tecnologia, the former said in a statement without disclosing a price tag.

Last year, CSC's Brazilian division said it expected to triple revenues during the next three years, in a plan that also considers acquisitions of local firms.

Vixia, a former CSC partner, focuses on providing software for core functions, systems integration and business consulting services for financial institutions and insurance and reinsurance companies.

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The joint operation of these companies will offer Latin America's financial services industry a global application and services portfolio, leveraging increasing demand for upgrading IT capabilities in this market.

"The expansion of our business in the financial services sector in high-growth geographic regions, including Latin America, is a key initiative of our strategy," said Ray August, CSC's financial services group president.

CSC's Latin American presence includes operations in Argentina, Brazil, Chile, Colombia, Costa Rica, Guatemala, Peru and Mexico.

CSC has some 91,000 employees and billed US$16bn in the 12 months ended April 1.