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May 28, 2008
Top Stories
FAO MARKET GROWING AT DOUBLE DIGIT PACE...Continued expansion of Finance and Accounting Outsourcing (FAO) service providers, broader acceptance of the value proposition, and existing success stories are driving a strong FAO market that grew 22 percent in 2007 and is predicted to maintain a double-digit growth pace, according to the Everest Research Institute’s annual study of the FAO market. Future growth in the FAO market will also be driven by a combination of expanding supplier capabilities and the expansion of FAO buyer segments.
CSC REPORTS RECORD REVENUES...CSC reported record annual revenues of $16.5 billion for fiscal year 2008, up 11% year over year. Additionally, the company reported record earnings per share for the fiscal year ended March 28, 2008. Net income for the fourth quarter was $181.7 million, or $1.15 per share (diluted), including special charges related to the restructuring program announced in April 2006 of $45.6 million after tax, or 29 cents per share. Diluted earnings per share, excluding the special items, were $1.44 compared to last year’s fourth quarter earnings per share of $1.58, excluding special items. For the year ended March 28, 2008, net earnings were $544.6 million, or $3.20 per share (diluted), including an after-tax net special charge of $108.2 million, or 64 cents per share (diluted), related primarily to the restructuring charge mentioned above. Excluding the special items, the $3.84 of diluted earnings per share for fiscal 2008 compares to $3.67 for fiscal 2007.
EPAM RAISES $50 MILLION IN CAPITAL...EPAM Systems, Inc., a leading software engineering and IT Outsourcing (ITO) provider with delivery centers in Central and Eastern Europe (CEE), has completed an oversubscribed US$50 million minority investment round with three global institutional investors. Renaissance Capital, a leading investment banking firm focused on Europe, the Middle East and Africa (EMEA), acted as sole advisor on the transaction. Renaissance Investment Management and Da Vinci Capital acted as lead investors (Renaissance Capital and Renaissance Investment Management are part of the Renaissance Group) with additional capital raised through Euroventures Capital.
OPI FOUNDER NAMED FAO SUPERSTAR...Clarence T. Schmitz, Chairman and Chief Executive Officer, has been named a 2008 Superstar of the finance and accounting outsourcing (FAO) industry. This marks the fourth consecutive year that Schmitz has been selected by FAO Today magazine for this honor. Schmitz is credited by FAO Today magazine as a pioneer who, “proved that OPI could provide the global business model for FAO in both the enterprise and middle markets.” While most providers developed offerings appropriate for larger enterprise companies, OPI built a customized approach that has delivered value to companies both large and small.
Posted by jbowles at May 28, 2008 07:19 PM