Thursday, April 26, 2007

CSC acquired Covansys

Yesterday evening, there was an exciting and interesting development at Covansys. It was acquired for 34$ per share totalling to 1.3 billion $. Some of the notable things in this deal for employees are:
  • Covansys will function as separate division under CSC for sometime
  • Benefits for Covansys may change according to CSC's benefits
  • Employees working with temporary visas at US are not affected

So far, so good. But no one knows about the future.

Players in the IT Services market also tend to grow by mergers and acquisitions. Cap Gemini acquired Kanbay. EDS acquired Mphasis. Finally, CSC acquired Covansys.