Jointly-owned company will help banking clients
extend investment in existing platforms and implement innovative
solutions
Combines people, technology, process and
services to accelerate growth
Global IT leaders CSC (NYSE: CSC) and HCL Technologies (BSE:
HCLTECH) today announced the signing of a definitive joint venture
agreement to form a banking software and services company. The
joint venture will invest in platform modernization and product
functionality enhancement and will capitalize on the proven
capabilities of both companies in addressing the
multi-billion-dollar, global core banking software market.
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CSC, which currently serves over 100 premier banking and
financial services clients in 15 countries, will provide its core
banking, cards, payments and default management industry talent,
software and product development expertise. HCL will provide
capital investment, extensive experience in product engineering and
application implementation services, as well as banking sales and
client engagement expertise.
“The banking industry is taking bold steps toward cloud
deployments and digital integration with surrounding applications
and platforms,” said Anant Gupta, president & CEO, HCL
Technologies. “Many of our banking clients are looking for
modernization of their legacy platforms while simultaneously
managing the increasing demands for data analytics services,
multi-channel deployments, and increasing regulatory compliance
requirements. The joint entity with CSC is designed to meet
those critical demands with new and innovative solutions and to
expedite the modernization transformation journey of our banking
clients.”
"CSC has led its banking clients through every major technology
transformation for several decades," said Mike Lawrie,
president & CEO, CSC. “We are building on this success by
continuously strengthening our existing offerings and bringing the
benefits of next-generation cloud, cyber security, mobility and big
data analytics to our global banking clients. With this new
venture, CSC will team with HCL to deliver best-of-breed-technology
services and solutions to the banking industry.”
The jointly owned entity will be able to draw on the collective
vision and expertise of CSC and HCL to capitalize on the huge
opportunity the market offers. The combination of the unique assets
from both companies will allow banking customers to better seize on
the power of risk-managed modernization and take advantage of a
more scalable global services footprint. The benefits and
capabilities of the new company include:
- Strengthening ongoing support for
existing banking clients looking to extend the useful life of and
investment in their current platforms;
- Reaffirming the commitment to enhance
and expand CSC’s core banking and cards platforms Hogan and CAMS
into modernized end-to-end solutions under the Celeriti suite;
- Advancing digital banking
transformation solutions in conjunction with other partners.
CSC Banking and Capital Markets
CSC is a global leader in specialized banking application
software that addresses core banking, cards, payments and default
management solutions. CSC’s Banking Center of Excellence focuses on
enhancing the performance of our flagship products such as Hogan
Core Banking, CAMS II, PTS and EarlyResolution and developing new
solutions such as Celeriti banking, cards, payments and lending to
improve business performance and manage the complexities in today’s
banking environment. CSC takes a pragmatic architecture-led
approach to help design, deliver, and manage solutions that improve
the spend ratio between "running the bank" and "changing the bank."
To learn more about CSC banking and capital markets, click
here.
HCL’s Expertise in Banking
HCL is a leading provider of application, business process and
infrastructure services to the Global Banking and Financial
services (BFSI) sector. Revenues from BFSI comprise over 25% of HCL
total revenues, HCL BFSI has been one of the fastest growing
segments of HCL, and has consistently grown faster than its BFSI
peers over the past several years. This market-leading growth is
driven by a balanced set of services across the entire life cycle
of the IT Support and development process. HCL has significant and
enduring Global relationships with some of the leading institutions
in the BFSI sector. This breadth of experience across the BFSI
segment and the depth of expertise across the life cycle in IT
services coupled with HCL’s value-focused approach differentiates
HCL from the rest.
About CSC
Computer Sciences Corporation (CSC) is a global leader of
next-generation information technology (IT) services and solutions.
The Company's mission is to enable superior returns on our clients’
technology investments through best-in-class industry solutions,
domain expertise and global scale. CSC has approximately 70,000
employees and reported revenue of $12.2 billion for the 12 months
ended April 3, 2015. 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.” 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 3, 2015 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.
About HCL Technologies
HCL Technologies is a leading global IT services company working
with clients in the areas that impact and redefine the core of
their businesses. Since its emergence on global landscape after its
IPO in 1999, HCL has focused on 'transformational outsourcing',
underlined by innovation and value creation, offering an integrated
portfolio of services including software-led IT solutions, remote
infrastructure management, engineering and R&D services and
Business services. HCL leverages its extensive global offshore
infrastructure and network of offices in 31 countries to provide
holistic, multi-service delivery in key industry verticals
including Financial Services, Manufacturing, Consumer Services,
Public Services and Healthcare & Life sciences. HCL’s
organizational beliefs of 'Employees First, Customers Second',
‘Trust, Transparency and Flexibility’, and ‘Value Centricity’
empower its 104,184 Ideapreneurs to create real value for customers
by delivering a Relationship Beyond the Contract. HCL Technologies,
along with its subsidiaries, had consolidated revenues of US$ 5.8
billion, as on 31st March 2015 (on LTM basis). For more
information, please visit www.hcltech.com.
Certain statements in this release are forward-looking
statements, which involve a number of risks, uncertainties,
assumptions and other factors that could cause actual results to
differ materially from those in such forward-looking statements.
All statements, other than statements of historical fact are
statements that could be deemed forward looking statements,
including but not limited to the statements containing the words
'planned', 'expects', 'believes’,’ strategy', 'opportunity',
'anticipates', 'hopes' or other similar words. The risks and
uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding impact of pending
regulatory proceedings, fluctuations in earnings, our ability to
manage growth, intense competition in IT services, Business Process
Outsourcing and consulting services including those factors which
may affect our cost advantage, wage increases in India, customer
acceptances of our services, products and fee structures, our
ability to attract and retain highly skilled professionals, our
ability to integrate acquired assets in a cost effective and timely
manner, time and cost overruns on fixed-price, fixed-time frame
contracts, client concentration, restrictions on immigration, our
ability to manage our international operations, reduced demand for
technology in our key focus areas, disruptions in telecommunication
networks, our ability to successfully complete and integrate
potential acquisitions, the success of our brand development
efforts, liability for damages on our service contracts, the
success of the companies /entities in which we have made strategic
investments, withdrawal of governmental fiscal incentives,
political instability, legal restrictions on raising capital or
acquiring companies outside India, and unauthorized use of our
intellectual property, other risks, uncertainties and general
economic conditions affecting our industry. There can be no
assurance that the forward looking statements made herein will
prove to be accurate, and issuance of such forward looking
statements should not be regarded as a representation by the
Company, or any other person, that the objective and plans of the
Company will be achieved. All forward looking statements made
herein are based on information presently available to the
management of the Company and the Company does not undertake to
update any forward-looking statement that may be made from time to
time by or on behalf of the Company.
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CSC Contacts:Rich Adamonis, Global Media Relations, CSC,
862.228.3481, radamonis@csc.comAnne Eisele, Global Media Relations,
CSC, 703.641.2315, aeisele@csc.comGeorge Price, Investor Relations,
CSC, 703.641.3842, investorrelations@csc.comorHCL
Contacts:Ajay Davessar, Global Corporate Communications, HCL
Tech, Ajay.davessar@hcl.comMeenakshi Benjwal, Americas
Communications, HCL Tech, Meenakshi.benjwal@hcl.com
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