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Computer Sciences Corporation

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Computer Sciences Corporation
Company typePublic
NYSE: CSC
IndustryIT services, IT consulting
FoundedApril 1959; 65 years ago (1959-04)
FounderRoy Nutt
Fletcher R. Jones
DefunctApril 3, 2017 (2017-04-03)
FateMerged with HP Enterprise Services; formed DXC Technology
SuccessorDXC Technology
Headquarters
Tysons, Virginia
,
United States
Area served
Worldwide
Key people
John Michael Lawrie
(Chairman, President and CEO)[1]
ServicesIT, business consulting and outsourcing services
SubsidiariesComputer Sciences Raytheon, Xchanging
CSC's former headquarters in El Segundo, California, USA (branch office after 2008)

Computer Sciences Corporation (CSC) was an American multinational corporation that provided information technology (IT) services and professional services. On April 3, 2017, it merged with the Enterprise Services line of business of HP Enterprise (formerly Electronic Data Systems) to create DXC Technology.[2][3]

History

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CSC was founded in April 1959 in Los Angeles, California, by Roy Nutt and Fletcher Jones.[4] CSC initially provided programming tools such as assembler and compiler software.[5]

In the 1960s, CSC provided software programming services to major computer manufacturers like IBM and Honeywell and secured their first contracts for the U.S. public sector with NASA (among others).[5]

By 1963, CSC became the largest software company in the United States and the first software company to be listed on the American Stock Exchange.[6] By the end of 1968, CSC was listed on the New York Stock Exchange and had operations in Canada, India, the United Kingdom, Germany, Spain, Italy, Brazil, and the Netherlands.

In 1967, CSC set up Computicket Corp. to compete in the fledgling electronic ticket market competing with Ticketron but lost $13 million and discontinued the service in 1970.[7]

In the 1970s and 1980s, CSC expanded globally winning large contracts for the finance and defense industries and through acquisitions in Europe and Australia.

In 2000, CSC founded a joint-venture called Innovative Banking Solutions AG[8] in Wiesbaden, Germany, to market their newly developed SAP solution for mortgage companies.

Since its beginnings in 1959, company headquarters had been in California. On March 29, 2008, the corporate headquarters of the company were relocated from El Segundo, California, to Falls Church, Virginia.[9][10] CSC had been a Fortune 500 Company since 1995,[11] coming in at 162 in the 2012 rankings.[12]

In fiscal 2013, CSC acquired ServiceMesh (cloud management) for $282M, Infochimps (a big data platform) for $27M, 42Six (analytics for national intelligence) for $35 million, iSOFT (application solutions) for cash and debt, and AppLabs (application testing) for $171M.[13]

In May 2015, CSC announced plans to split the public sector business from its commercial and international business.[14] In August, it was announced that CSC's Government Service business would merge with SRA International to form a new company — CSRA—at the end of November 2015.[15]

In July 2015, CSC and HCL Technologies announced the signing of a joint venture agreement to form a banking software and services company, Celeriti FinTech.[16][17]

In September 2015, CSC closed the acquisition of Fixnetix, a provider of front-office managed trading solutions in capital markets.[18] CSC also acquired Fruition Partners, a provider of technology-enabled solutions for the service-management sector during the month.[19]

In November 2015, CSC agreed to acquire the shares of UXC, an IT services company based in Australia in a deal valued at A$427.6 million (US$309 million).[20]

In December 2015, business technology and services provider, Xchanging, agreed to be purchased by CSC.[21]

In February 2016, CSC announced it was moving its headquarters to Tysons in Fairfax County, Virginia.[22]

On April 3, 2017, it merged with HPE Enterprise Services to create DXC Technology.[2][3]

Business

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CSC once ranked among the leading IT service providers in the world.[23][24] Geographically, CSC had major operations throughout North America, Europe, Asia, and Australia.

The company operated in three broad service lines or sectors until the 2015 divestment of NPS, its public sector:

The company made several acquisitions, including DynCorp in 2003[28][29] and Covansys Corporation in 2007.[30]

Awards and recognition

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  • In September 2012, CSC was ranked 8th in Software Magazine’s Software 500 ranking of the world’s largest software and service providers.[31]

Criticism

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  • In June 2013, Margaret Hodge, chair of the Public Accounts Committee, a Select committee of the British House of Commons, described CSC as a "rotten company providing a hopeless system" with reference to their multibillion-pound contract to deliver the National Programme for IT Lorenzo contract.[32]
  • In December 2011, the non-partisan organization Public Campaign criticized CSC for spending US$4.39 million on lobbying and not paying any taxes during 2008–10, instead getting US$305 million in tax rebates, despite making a profit of US$1.67 billion.[33]
  • In February 2011, the U.S. Securities and Exchange Commission (SEC) launched a fraud investigation into CSC's accounting practices in Denmark and Australian business. CSC's CFO Mike Mancuso confirmed that accounting errors and intentional misconduct by certain personnel in Australia prompted SEC regulators to turn their gaze to Australia. Mancuso also stated that the alleged misconduct includes US$19 million in both intentional accounting irregularities and unintentional accounting errors.[34] The SEC accused the former CEO Mike Laphen of fraud and clawed back $4,35 million[35]
  • The company was accused of breaching human rights by arranging several illegal rendition flights for the CIA between 2003 and 2006, which also led to criticism of shareholders of the company, including the governments of Norway and Britain.[36][37]
  • The company engaged in a number of activities that resulted in legal actions against it. These are:
    1. Its so-called WorldBridge Service (Visa Services), which processed and issued millions of visa applications to enter Britain, did not involve British authorities.[citation needed]
    2. In 1998, CSC was the prime contractor hired by the Internal Revenue Service to modernize its tax-filing system. They told the IRS it would meet a January 2006 deadline, but failed to do so, leaving the IRS with no system capable of detecting fraud. Its failure to meet the delivery deadline for developing an automated refund fraud detection system cost the IRS between US$200 million and US$300 million.[citation needed]

See also

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References

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  1. ^ "Management and Board of Directors". Computer Sciences Corporation. Retrieved July 2, 2015.
  2. ^ a b "CSC Announces Merger with Enterprise Services Segment of Hewlett Packard Enterprise to create a Global IT Services Leader". Press release. May 24, 2016. Retrieved November 4, 2016.
  3. ^ a b "New York Stock Exchange | DXC Technology". Archived from the original on April 6, 2017.
  4. ^ "Our History". CSC web site. Retrieved June 1, 2010.
  5. ^ a b "CSC, History". fundinguniverse.com.
  6. ^ "History in the Computing Curriculum" (PDF). Retrieved November 21, 2014.
  7. ^ Arneel, Gene (April 8, 1970). "Computicket Folds With $13-Mil Loss, But Ticketron Still Punching Away". Variety. p. 117.
  8. ^ iBS – Smart Applications for Banking on SAP. 2000|https://www.ibs-banking.com/en/company.html
  9. ^ "Computer Sciences Corporation, Form 10-Q, Quarterly Report, Filing Date Feb 6, 2008". secdatabase.com. Retrieved March 29, 2013.
  10. ^ "Computer Sciences Corporation, Form 8-K, Current Report, Filing Date Mar 31, 2008". secdatabase.com. Retrieved March 29, 2013.
  11. ^ "FORTUNE 500: Companies by year C". CNN. Retrieved March 28, 2011.
  12. ^ "Fortune 500 - Fortune". Fortune. Retrieved July 2, 2015.
  13. ^ "Computer Sciences Corporation, Form 8-K, Current Report, Filing Date March 28, 2014". sec.gov. Retrieved November 2, 2020.
  14. ^ "Exclusive: Computer Sciences prepares to break itself up - sources". Reuters. May 14, 2015. Retrieved May 21, 2015.
  15. ^ "CSC to Combine Government Services Unit with SRA Upon Separation from CSC; Combination will Create Leading Pure-Play Government I.T. Business in the U.S." CSC. Retrieved October 2, 2015.
  16. ^ "CSC and HCL Form Joint Venture to Deliver Digital Software and Services to Global Banking Clients". BusinessWire. Retrieved July 23, 2015.
  17. ^ "CeleritiFinTech". HCLTECH.
  18. ^ "Computer Sciences (CSC) Completes Fixnetix Acquisition". NASDAQ.com. Retrieved February 25, 2016.
  19. ^ "CSC Finalizes Fruition Partners Acquisition". Computer Sciences Corporation. Archived from the original on February 23, 2017. Retrieved February 25, 2016.
  20. ^ "CSC Confirms Agreement to Acquire Australia's UXC Limited". Computer Sciences Corporation. Archived from the original on February 28, 2016. Retrieved February 25, 2016.
  21. ^ "Computer Sciences Corporation to buy Xchanging in £480m deal". www.cityam.com. Retrieved December 9, 2015.
  22. ^ "CSC moving headquarters to Tysons Corner". WTOP. Retrieved February 25, 2016.
  23. ^ Software Company | url=http://www.niveosys.com | Magic Quadrant for End-User Outsourcing Services, North America, 26 August 2014 | publisher=Gartner, Inc.
  24. ^ "The Top Companies in the IT Services Industry (2009)". Archived from the original on March 24, 2011. Retrieved November 25, 2014.
  25. ^ a b "Supplier profile: CSC". Computer Weekly.
  26. ^ "CSC Wins $59 Million Task Order From FBI to Provide Call Center". Bloomberg.
  27. ^ "Computer weekly Supplier Profile : CSC" (PDF). CSC’s outsourcing journey has brought it full circle. p. 3.
  28. ^ "Computer Sciences Corporation, Form 8-K, Current Report, Filing Date Dec 13, 2002". secdatabase.com. Retrieved March 29, 2013.
  29. ^ "Computer Sciences Corporation Completes Acquisition of DynCorp". Archived from the original on December 13, 2012. Retrieved August 19, 2012.
  30. ^ "CSC completes acquisition of Covansys". Archived from the original on November 16, 2012. Retrieved August 19, 2012.
  31. ^ "CSC Named to Software Magazine's 30th Annual Software 500". Computer Sciences Corporation. Archived from the original on March 16, 2014. Retrieved July 2, 2015.
  32. ^ Brewster, Tom, NHS To Spend £2.2bn On 'Rotten' CSC NPfIT Work, techweekeurope
  33. ^ Portero, Ashley. "30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes, 2008-2010". International Business Times. Archived from the original on January 7, 2012. Retrieved 26 December 2011.
  34. ^ Nebojsa Despotovic (November 13, 2011). "CSC Accounting Fraud Extends to Australia - BizCloud® Network". BizCloud® Network. Archived from the original on November 15, 2011. Retrieved July 2, 2015.
  35. ^ Bort, Julie. "The SEC just clawed back $4 million from the former CEO of tech giant CSC and accused it of fraud". Business Insider. Retrieved December 10, 2020.
  36. ^ "Computer Sciences Corporation torture link challenges Norway's ethical reputation". Archived from the original on June 1, 2012. Retrieved August 19, 2012.
  37. ^ Rupert Neate. "Lloyds owns stake in US firm accused over CIA torture flights". the Guardian. Retrieved July 2, 2015.
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