CSC beats off Capita, snaps up Xchanging for £480m
Soz Crapita, we don't want your peanuts after all
Computer Sciences Corporation is to snap up business processing outfit Xchanging for £480m, having beaten off its rival suitor Capita.
The move appears to be part of plans to split CSC into two publicly traded companies: one for commercial and government clients globally and one to serve public sector clients in the US.
Mike Lawrie, CSC president, said the company's experience in the insurance market would complement CSC’s software and outsourcing capabilities.
Capita had been holding out on a deal of £412m for the outfit, having recently extended the window for investors to accept the offer.
CSC is seemingly on a shopping spree, having also dangled a AU$428m (US$305m, £200m) cheque in front of Australian enterprise services company UXC.
The acquisition is expected to close in the next six months.
In September CSC merged its government services biz with US public sector IT outfit SRA for $390m (£254m). ®