CSC and HCL sign agreement to form joint company

Falls Church-based Computer Sciences Corp. (CSC) has signed an agreement with India-based IT company HCL to form a banking software and services firm. 

“The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms,” Anant Gupta, president and CEO, HCL Technologies, said in a statement. “Many of our banking clients are looking for modernization of their legacy platforms while simultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements. The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernization transformation journey of our banking clients.”

CSC, a provider of IT services and solutions, announced plans earlier this year to separate into two publicly traded companies by October. One company will serve commercial and government clients around the world and the other will serve public sector clients in the U.S. CSC has approximately 70,000 employees and reported revenue of $12.2 billion for the 12 months ended April 3.

HCL Technologies also provides IT services, including remote infrastructure management, engineering and research and development services. HCL has offices in 31 countries and 104,184 employees. HCL, along with its subsidiaries, posted consolidated revenues of $5.8 billion as of March 31.