WIPRO TO ACQUIRE INFOCROSSING...Wipro Technologies, the global IT services business of Wipro Limited and Infocrossing, Inc., a US-based provider of IT infrastructure management, enterprise application and business process outsourcing services, announced that the companies have signed a definitive agreement for Wipro to acquire Infocrossing for $18.70 per share in an all-cash deal that will create one of the world leaders in end-to-end IT infrastructure management solutions. The acquisition will be conducted by means of a tender offer for all of the outstanding shares of Infocrossing, followed by a merger of Infocrossing with a Wipro subsidiary. The tender offer is subject to a number of customary closing conditions, including regulatory approvals, and is expected to close by the fourth quarter of 2007.
FISERV TO ACQUIRE CHECKFREE...Fiserv, Inc., a leading provider of technology solutions, and CheckFree Corporation, a leading provider of financial e-commerce services and products, have entered into a definitive agreement whereby Fiserv will acquire CheckFree in an all-cash transaction valued at approximately $4.4 billion. Under terms of the agreement, CheckFree shareholders will receive $48.00 in cash for each share of common stock.
DARWINSUZSOFT CLOSES $48 MILLION FINANCING ROUND...DarwinSuzsoft, the leading U.S. IT services firm for outsourcing to China, has closed a $48 million round of financing led by Francisco Partners, one of the worlds premier technology-focused private equity firms. This is the first round of outside funding in the companys 20-year history and one of the largest investments ever for an American IT outsourcing firm in China.
PAYCHEX SETS BILLION DOLLAR BUYBACK...Paychex, Inc. will commence the repurchase of up to $1.0 billion of the companys common stock in early August 2007. On July 12, 2007, Paychex announced the stock repurchase program and declared a 43% increase in the companys regular quarterly dividend. The dividend increased from $.21 per share to $.30 per share, payable August 15, 2007 to shareholders of record August 1, 2007.
PEROT SYSTEMS NAMES COO...Perot Systems Corporation announced that Chief Financial Officer Russell Freeman will be promoted to chief operating officer. John Harper, currently vice president and director of corporate development, will become chief financial officer. In addition, Peter Altabef, president and CEO, will expand his responsibilities and join the executive committee of the board of directors. The moves will become effective August 15.
New Business
EDS has signed a $100.8 million, 73-month contract with the state of Ohio to design, develop and implement a new-generation Medicaid Information Technology System (MITS). The EDS Ohio interChange system will provide state-of-the-art IT services to Ohios 43,000 Medicaid providers and 1.7 million recipients, the sixth-largest Medicaid program in the United States. The agreement includes a 36-month implementation phase. The Ohio win brings to 21 the number of state Medicaid systems for which EDS serves as fiscal agent or principal IT provider.
Unisys Corporation has signed a five-year, multi-million dollar contract with Sprint to help the communications leader enhance its voicemail infrastructure. Unisys will develop a next-generation communications architecture that will allow Sprint the flexibility to more rapidly deploy new and innovative services for its customers.
Affiliated Computer Services, Inc. has been awarded a seven-year contract to provide finance and accounting (F&A) services for Georgia-Pacific LLC, one of the world's leading manufacturers and marketers of tissue, packaging, paper, pulp, and building products. Financial details were not disclosed. Under the terms of the contract, ACS will deliver a range of F&A solutions, including accounts payable services, cash applications, travel expense management, payroll tax, and accounting services.
European News
The Dutch telecom provider KPN has selected IBM as its lead System Integrator to transform its billing systems, establish a new Customer Relationship Management (CRM) solution, and transform its business intelligence over the next three years. KPN provides Dutch consumers and consumer households with a range of fixed and mobile telephony, internet and TV services