Tysons’ DXC Technology to acquire Swiss firm for $2B

DXC Technology CEO Mike Lawrie is overseeing a $2 billion acquisition of Swiss technology firm Luxoft Holding Inc. (Courtesy DXC Technology)

WASHINGTON — DXC Technology, the Tysons Corner, Virginia-based information technology company formed by the merger of Computer Sciences Corp and Hewlett-Packard’s enterprise services business in 2017, will acquire a large, Swiss-based technology firm for $2 billion.

Zug, Switzerland-based Luxoft Holding Inc. provides software development services, product engineering and testing and IT consulting. The company has almost 13,000 global employees.

The deal, valued at $59 a share, was announced Jan. 7, sending Luxoft stock up more than 80 percent on the New York Stock Exchange to nearly $58 per share.

DXC, already one of the Washington area’s largest technology companies with $25 billion in annual revenue, said the acquisition will accelerate the digital growth and scale-out strategy it outlined for investors last fall, and will broaden its access to digital talent.

DXC Technology’s Tysons Corner headquarters. (Courtesy DXC Technology)

Luxoft’s customers are spread across North America, Europe and the Asia-Pacific region. It has more than $900 million in annual revenue and has posted double-digit growth over the last three years.

Luxoft’s analytics, blockchain, engineering, cloud and devops customers include the financial services, health care and life sciences industries, as well as travel, media and communications utilities.

In the automotive industry, the combined companies will serve more than 20 manufacturers and original equipment makers in North America, Europe and Asia. The combined company will serve half of the top financial institutions in the Americas and Europe.

The merger, pending regulatory approvals, is expected to close in June 2019.

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