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DXC Technology

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DXC Technology Company
Company typePublic
Industry
Predecessors
FoundedApril 3, 2017; 7 years ago (2017-04-03)
Headquarters
Ashburn, Virginia
,
U.S.[2]
Area served
Worldwide
Key people
RevenueDecrease US$13.7 billion (2024)
Increase US$332 million (2024)
Increase US$91 million (2024)
Total assetsDecrease US$13.9 billion (2024)
Total equityDecrease US$2.81 billion (2024)
Number of employees
130,000 (2024)
Subsidiaries
Websitedxc.com
Footnotes / references
Financials as of March 31, 2024.[2]

DXC Technology Company is an American multinational information technology (IT) services and consulting company headquartered in Ashburn, Virginia.[4]

History

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Former DXC Technology logo

DXC Technology was founded on April 3, 2017, through a merger between Hewlett Packard Enterprise’s Enterprise Services business unit and Computer Sciences Corporation. The company provided business-to-business IT services.[5] It began trading on the New York Stock Exchange under the symbol DXC.[6] At the time of its creation, DXC Technology had revenues of $25 billion, with 6,000 enterprise and public sector clients across 70 countries, managed by around 170,000 staff.[7]

In July 2017, the company started a three-year plan to reduce the number of offices in India from 50 to 26, and reduce headcount by 5.9% (around 10,000) employees.[8]

In 2018, DXC split off its US public sector segment to create a new company, Perspecta Inc.[9]

In June 2019, with about 43,000 employees in India and one of its largest delivery engines for application outsourcing and software development, the company restructured its workforce to meet its new revenue profile.[10]

Mike Salvino, the former Accenture chief group executive, was named president and CEO of DXC Technology in September 2019.[11]

In February 2021, French technology services and consulting firm Atos ended talks for a potential acquisition of DXC.[12][13] Atos had proposed for US$10 billion including debt for acquisition.[14][15]

As of November 2021, DXC employed 134,000 in over 70 countries, including the United States, India, the Philippines, Central Europe and Vietnam.[16][17]

In May 2022, Salvino was appointed as the chairman of DXC's board, taking over Ian Read following his retirement in July 2022.[18]

In October 2023, DXC was delisted from S&P 500 Index, and moved to the S&P SmallCap 600 Index.[1]

In December 2023, it was announced that Salvino would no longer be CEO of DXC Technology.[19][20]

Raul Fernandez, who was on the board of directors, was appointed as the president and chief executive officer of DXC Technology on 1 February 2024.[21]

Acquisitions

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In July 2017, DXC purchased enterprise software company Tribridge and its affiliate company Concerto Cloud Services for $152 million.[22][23]

In 2018, it announced additional acquisitions, including Molina Medicaid Solutions (previously part of Molina Healthcare), Argodesign and two ServiceNow partners, BusinessNow and TESM.[24]

In January 2019, DXC Technology acquired Luxoft. The deal closed in June 2019.[25]

Programs and sponsorships

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Dandelion Program

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Piloted in Adelaide, South Australia, in 2014, the DXC Dandelion Program has grown to over 100 employees in Australia,[26] working with more than 240 organizations in 71 countries to acquire sustainable employment for individuals with autism.[27] In June 2021, DXC piloted the Dandelion Program in the UK.

Sports

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The company sponsored Team Penske[28] with 2016 Series Champion and 2019 Indianapolis 500 winner Simon Pagenaud, and in 2018, became title sponsor of IndyCar Series race DXC Technology 600.[29] DXC is also a partner of Australian Rugby Union team Brumbies.[30] In 2022, the company became the new sleeve sponsor for English football club Manchester United.[31] In May 2023, the company signed a multi-year partnership with Scuderia Ferrari starting from the 2023 Miami Grand Prix onwards.[32][33]

See also

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References

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  1. ^ a b "Veralto Set to Join S&P 500; Vestis to Join S&P MidCap 400; Others to Join S&P SmallCap 600" (PDF). S&P. September 28, 2023.
  2. ^ a b "DXC Technology Annual Report for fiscal year ending March 31, 2024". U.S. Securities and Exchange Commission. May 17, 2024. pp. 3, 62–63. Retrieved May 18, 2024.
  3. ^ "DXC Executive Leadership". DXC Technology. Retrieved December 20, 2023.
  4. ^ "DXC Technology - Company profile". Fortune. Archived from the original on December 27, 2019. Retrieved March 17, 2019.
  5. ^ Gregg, Aaron (April 9, 2017). "This IT firm got rid of its federal work during sequestration. Now it wants back in". Washington Post. Retrieved March 31, 2023.
  6. ^ Kolenc, Vic (April 27, 2017). "HP, Juarez sites join new firm: DXC Technology formed by merger of companies". El Paso Times. Retrieved April 26, 2022.
  7. ^ "Newly-formed DXC to reskill its staff, operations". India Times. April 5, 2017. Retrieved March 17, 2019.
  8. ^ "7 top IT firms to lay off 56,000 this year, new tech and Trump's policies blamed". Hindustan Times. July 19, 2017. Retrieved March 17, 2019.
  9. ^ "2018 Mergers and Acquisitions Redefine IT Market: This Is IT". Blommberg Government. March 6, 2019. Retrieved March 17, 2019.
  10. ^ "As DXC cuts jobs, India amongst the most hit". India Times. June 13, 2019. Retrieved June 18, 2019.
  11. ^ Johnson, O’Ryan (September 11, 2019). "DXC Picks Former Accenture Executive As New CEO As Mike Lawrie Retires". CRN. Retrieved February 5, 2021.
  12. ^ "DXC Technology rejects $10 billion Atos bid, and Atos walks away". February 2, 2021.
  13. ^ "DXC Technology Statement".
  14. ^ "Atos ends talks with DXC for a potential acquisition". The Economic Times. February 2, 2021.
  15. ^ "TCS may lose spot as world's third largest IT services firm". January 12, 2021.
  16. ^ Cordell, Carten (May 28, 2021). "DXC hopes for brighter fiscal year after selling off divisions, cutting costs". American City Business Journals. Retrieved April 25, 2022.
  17. ^ Chowdhary, Sudhir (November 10, 2021). "We have a relentless focus on innovation: Nachiket Sukhtankar, MD, DXC Technology". Financial Express. Retrieved April 26, 2022.
  18. ^ Mabeus, Courtney (May 19, 2022). "DXC President/CEO adds chairman to title". Virginia Business.
  19. ^ Hansen, Drew (December 20, 2023). "DXC Technology parts ways with CEO Mike Salvino, names Raul Fernandez interim chief". www.bizjournals.com. Retrieved December 20, 2023.
  20. ^ "DXC Technology CEO, Chairman Mike Salvino Exits". MarketWatch. Retrieved December 20, 2023.
  21. ^ https://technologymagazine.com/articles/who-is-raul-fernandez-new-dxc-technology-ceo
  22. ^ Manning, Margie (November 9, 2017). "What DXC paid to buy Tribridge". American City Business Journals. Retrieved April 26, 2022.
  23. ^ Carollo, Malena (July 6, 2017). "Va. Tech Firm Dxc Buys Tribridge". Tampa Bay Times. Retrieved April 26, 2022.
  24. ^ "DXC (DXC) Down 1.9% Since Last Earnings Report: Can It Rebound?". Nasdaq. December 6, 2018. Retrieved March 17, 2019.
  25. ^ "DXC Technology Completes Acquisition of Leading Digital Innovator Luxoft". June 14, 2023.
  26. ^ Corner, Stuart (July 30, 2019). "DXC teams with Autism NZ for skills training". Computerworld. Retrieved November 3, 2020.
  27. ^ Paredes, Divina (December 9, 2018). "DXC launches program to help people on the autism spectrum build ICT careers". CIO. Retrieved November 3, 2020.
  28. ^ "TEAM PENSKE PARTNERS". Team Penske. Retrieved January 9, 2019.
  29. ^ "DXC Technology Named Title Sponsor of Texas Motor Speedway Race". indycar.com. Retrieved January 9, 2019.
  30. ^ "Our Partners - Brumbies Rugby". Brumbies Rugby. Archived from the original on July 9, 2017. Retrieved January 9, 2019.
  31. ^ Mukherjee, Supantha (July 6, 2022). "DXC to become Man United's sleeve sponsor, manage digital presence". Reuters. Retrieved May 5, 2023.
  32. ^ "Driven by Innovation: DXC Technology Announces Partnership with Scuderia Ferrari". AsiaOne. May 3, 2023. Retrieved May 5, 2023.
  33. ^ "DXC Technology adds Ferrari to sponsorship portfolio". SportBusiness. May 3, 2023. Retrieved May 5, 2023.
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