Agreement to Support New Levels of Flexibility in Application Service Delivery and Improved Alignment With Zurich’s Global Business Demands
EL SEGUNDO, Calif., July 26, 2004 — Computer Sciences
Corporation (NYSE: CSC) today announced it has signed an information
technology (IT) applications outsourcing contract with Zurich Financial
Services (Zurich), a world-leading, insurance-based financial services
provider. The value of the seven-year agreement is estimated at approximately
$1.3 billion if all options are exercised.
Under the agreement, CSC will assume responsibility for the provision of
all applications development and support services to Zurich’s businesses in
the United States, the United Kingdom, Switzerland and Germany. Applications
within the scope of the agreement support all insurance lines written by
Zurich and all business processes, including new business and underwriting,
customer service and claims.
In accordance with appropriate country-specific requirements,
approximately 1,600 Zurich IT employees are expected to transfer to CSC.
Staff in the United States, the United Kingdom and Switzerland are expected to
transfer in the fourth quarter of 2004. Subject to the successful completion
of the required consultation and merger control approvals, Zurich staff in
Germany are expected to transfer during the second half of 2005.
“Zurich’s selection of CSC underscores CSC’s acknowledged leadership in
global applications management and outsourcing, as well as our wealth of
experience in the global financial services industry,” said CSC Chairman and
Chief Executive Officer Van B. Honeycutt. “We look forward to applying our
expertise and resources in support of Zurich’s business goals.”
“This relationship is an important enabler for Zurich’s further evolution
from a globally diversified business to a globally leveraged business,” said
Zurich’s Chief Information Technology Officer Michael Paravicini. “This
agreement will introduce new efficiencies in applications service delivery and
help us direct the right resources to the right business priorities when and
where we need them.”
About Zurich Financial Services
Zurich Financial Services is an insurance-based financial services
provider with a global network that focuses its activities on its key markets
in North America and Europe. Founded in 1872, Zurich is headquartered in
Zurich, Switzerland. Zurich has offices in more than 50 countries and employs
about 62,000 people.
Founded in 1959, Computer Sciences Corporation is a leading global IT
services company. CSC’s mission is to provide customers in industry and
government with solutions crafted to meet their specific challenges and enable
them to profit from the advanced use of technology.
With approximately 90,000 employees, CSC provides innovative solutions for
customers around the world by applying leading technologies and CSC’s own
advanced capabilities. These include systems design and integration; IT and
business process outsourcing; applications software development; Web and
application hosting; and management consulting. Headquartered in El Segundo,
Calif., CSC reported revenue of $14.8 billion for the 12 months ended
April 2, 2004. For more information, visit the company’s Web site at