CSC Australian IT staffing unit Paxus sold for $US73.5 million
- 13 December, 2012 09:09
- Comments
IT services provider, CSC has sold its Australian IT staffing unit, Paxus to South African employment services company, Adcorp for about $US73.5 million in an all-cash transaction.
This is CSC’s third divestiture in seven weeks and is part of the company’s strategy to ‘rebalance’ its services portfolio.
"We are aligning the company's resources with our strategy of leading the next generation of solutions and services," CSC president and CEO, Mike Lawrie, said in a statement. "We do not anticipate any impact on CSC’s core services and clients in Australia, and we expect to use after-tax proceeds for general corporate purposes."
Once the transaction is closed at the end of January, CSC will continue a business relationship with Paxus to meet its IT staffing needs in Australia.
In fiscal 2012, revenue from Paxus was approximately $340 million with low single-digit operating margins. Results had been previously reported within CSC’s Business Solutions and Services segment and will be recast as discontinued operations in future periods.
CSC acquired Continuum and its Melbourne-based Paxus business unit in 1996.
Earlier this month, CSC sold its credit services unit to Equifax for $US1 billion.
In October, the company sold its consulting and systems integration services part of its Italian business to Italian IT services company, Dedagroup.
- Bookmark this page
- Share this article
- Got more on this story? Email ARN
- Follow ARN on twitter
- New Gateway Anti-Malware Technology Sets the Bar for Web Threat Protection (Sponsored by McAfee)
- Choice and Control: Considerations for Developing Enterprise Cloud Strategies
- MSP Guides for effective Endpoint Management Solutions
- Cloud and Co-Location Solutions
- Virtualization and Consolidation Solutions
- CITRIX SYNERGY ’13: Look beyond Cloud infrastructure, says Liang
- CITRIX SYNERGY ’13: Qureshi addresses the trend of ‘mojility’
- CITRIX SYNERGY ’13: IT needs to be empowered, says Sallam
- CITRIX SYNERGY ’13: Christiancen highlights the need for collaboration
- CITRIX SYNERGY ’13: Devices will change how people work, says Duursma
-
Attack on Telenor was part of large cyberespionage operation with Indian origins: report
-
Box buys iOS app to improve its own
-
Growing mobile malware threat swirls (mostly) around Android
-
Barracuda Networks raises free capacity of Copy.com to 15GB
-
Coke gives peace a chance ( +16 photos)
Get exclusive access to ARN's news, research and invitation only events. 
