CSAM Becomes Wholly Owned CSC Subsidiary
Leading Malaysian IT Provider Joins CSC
FALLS CHURCH, Va.– CSC (NYSE: CSC) announced today that Computer Systems Advisers (M) Sdn Bhd (CSAM), one of Malaysia’s leading information technology (IT) service providers, has become a wholly owned subsidiary of CSC in a privatization resulting from the cancellation of the remaining 50 percent of the company’s shares for $62.4 million (RM197.4 million). Established in 1971, CSAM had approximately $135 million (RM433.9 million) in revenue for fiscal year 2007 and has more than 1,200 employees located in 23 offices throughout Malaysia.
“This action reaffirms our commitment to this region and marks a significant step forward in our growth in Malaysia and Asia,” said CSC Chairman, President and Chief Executive Officer Michael W. Laphen. “It also strengthens our global footprint – a key goal of our multi-year strategic plan aimed at increasing growth and profitability and improving customer service.”
CSAM operates primarily in Malaysia providing end-to-end integrated IT solutions and services to clients in the country’s commercial and government sectors. It was the first IT company in Malaysia to earn the Malaysian ISO 9001 Quality Management and Assurance Standard Award for its entire business operation. In addition, CSAM achieved “Operational Headquarters Status” from the Malaysian Industrial Development Authority earlier this year and will serve as one of CSC’s regional headquarters for functions such as service desk support and procurement.
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