The move to spin off DXC Technology’s state and local health and human services businesses stems from a decision late last year by DXC Technology to divest itself of three of its businesses as a way to bolster its finances with a focus on its core services business. DXC Technology Veritas is a leading private investment firm that invests in companies that provide critical products and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide, including those operating in the healthcare, aerospace & defense, software, national security, communications, energy, government services and education industries. “The choice of Gainwell reflects the true vision of the new company. The planned government and human resources spin-off from DXC Technology will be named Gainwell Technologies. However, Ramzi Musallam, CEO and managing partner at Veritas Capital, said in a prepared statement that Veritas look forward to supporting Gainwell Technologies as it partners with clients to navigate complex challenges, and welcomes Saleh and his team to the Veritas family. Receive notification when applications open for lists and awards. The Veritas Capital purchase is not the only deal announced by DXC to divest its businesses. No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. For more information on Gainwell, visit www.gainwelltechnologies.com. Your IP: 95.216.25.215 DXC Technology announced in March it would sell the business unit, which provides technology enabled, mission critical solutions for U.S. administration and operations of health programs. [Related: 5 Keys To Understanding DXC‘s Planned Divestiture Of Three Businesses]. Veritas Capital, which plans to close its $5 billion acquisition of Technology‘s state and local health and human services business on Oct. 1, unveiled the new name for the business and named DXC’s current chief financial officer as its new CEO. Performance & security by Cloudflare, Please complete the security check to access. Veritas Capital, a leading investor in government and healthcare technology businesses, today announced Gainwell Technologies as the new name of the U.S. State & Local Health and Human Services business it plans to acquire from DXC Technology (NYSE: DXC). NEW YORK, NY and TYSONS, VA, September 16, 2020 – Veritas Capital, a leading investor in government and healthcare technology businesses, today announced Gainwell Technologies as the new name of the U.S. State & Local Health and Human Services business it plans to acquire from DXC Technology (NYSE: DXC). DXC’s Local Health & Human Services Business Unit To Be Named Gainwell 18/09/2020 As per the recent announcement, Veritas Capital has named the US State & Local Health and Human Services business that it plans to acquire from DXC Technology, as Gainwell Technologies. Veritas Capital, the private equity company which in March said it will acquire DXC Technology‘s state and local health and human services business for $5 billion in cash, on Wednesday said the business will be named Gainwell Technology when the acquisition closes on Oct. 1. Its trusted expertise and comprehensive technology capabilities will further benefit from the entrepreneurial spirit of a standalone company as it leads the way in developing, implementing and delivering innovative and vital technology for its clients and the communities they serve,” Musallam said. Julie Rudnick/Julie Casale, Sard Verbinnen & Co, (212) 687-8080, veritascapital-SVC@sardverb.com Rich Adamonis, Corporate Media Relations, (862) 228-3481, radamonis@dxc.com Kelly Hirner, (612) 201-6870, Kelly.hirner@gainwelltechnologies.com Many factors could cause actual results to differ materially from such forward-looking statements with respect to the transaction announced above, including risks relating to: the completion of the transaction on anticipated timing, including obtaining regulatory and third-party approvals; conditions in the credit markets; anticipated tax treatment for the proposed transaction; unforeseen liabilities; loss of revenues; the potential impact of announcement or consummation of the proposed transaction on relationships with third parties, including clients, employees and competitors; and the delay or business disruption caused by difficulties in separating the divested business from DXC’s remaining businesses. Unique industry intelligence, management strategies and forward-looking insight delivered bi-monthly. Following the repayment of debt, DXC will have approximately $6.0 billion of total debt on its balance sheet and net-debt of about $3.0 billion. According to Veritas Capital, the name “Gainwell” stems from a commitment to improving the health outcomes in the U.S. via innovative technology solutions and support. DXC Technology (NYSE: DXC) helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. DXC was formed in April 2017 from a merger of CSC and Hewlett Packard Enterprise’s enterprise services business. If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware. NEW YORK & TYSONS, Va.--(BUSINESS WIRE)--DXC Technology (NYSE: DXC) today announced that it has completed the sale of its U.S. State and Local Health and Human Services business to Veritas Capital, a leading investor in government and healthcare technology businesses, to form Gainwell Technologies. • Veritas Capital, the private equity company which in March said it will a cquire DXC Technology‘s state and local health and human services business for $5 billion in … All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent DXC’s intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors many of which are outside DXC’s control. For a written description of the factors that could cause actual results of DXC’s business to differ materially from these forward-looking statements, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, as updated in subsequent SEC filings including the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2020, which readers are urged to review in detail, as it contains important information regarding risks, uncertainties and other factors that could cause actual results to differ from the plans, expectations and other matters described in this press release. Dell Technologies Storage Learning Center, Symantec Business Security Learning Center, cquire DXC Technology‘s state and local health and human services business, 5 Keys To Understanding DXC‘s Planned Divestiture Of Three Businesses. Shailesh Murali, M&A and Investor Relations, (703) 245-9700, shailesh.murali@dxc.com, DXC Technology Completes Sale of U.S. State and Local Health and Human Services Business to Veritas Capital, Creating Gainwell Technologies. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices. DXC Technology has completed the sale of its State and Local Health and Human Services business to Veritas Capital for $5 billion to form Gainwell Technologies, DXC reported on Thursday. DXC in July said it plans to sell its healthcare provider software business to Italy-based Dedalus Group in a $525 million cash deal. I would also like to thank our customers who are in great hands going forward,” said Mike Salvino, President and CEO, DXC. Virtusa To Be Acquired In $2 Billion Private Equity Play, UK-Based Computacenter To Acquire Pivot For Big US Expansion, Solution Provider Onepath Rebrands As ‘1Path’, Eaton’s Curtiz Gangi On Power Management As A Service, ARC Victory, Accenture Makes 20th Acquisition In 2020 With CreativeDrive Buy. Gainwell will operate as a standalone company with over 7,500 employees who support clients across 42 U.S. states and territories with offerings including Medicaid Management Information Systems (MMIS), fiscal agent services, program integrity, care management, immunization registry and eligibility services. “On behalf of everyone at DXC, I would like to thank our people who are joining Gainwell for their service and commitment to DXC. DXC intends to use the net proceeds from the $5 billion cash consideration to strengthen its balance sheet and reduce debt by about $3.5 billion. A DXC spokesperson replied to a CRN emailed request for further information on the Gainwell Technology news by saying the company is not providing further comment until the transaction with Veritas Technology closes. Our focus on our people and our customers combined with our improved financial flexibility better positions DXC for long-term success.”, “Today marks the beginning of an exciting new chapter for Gainwell, and we thank DXC for its partnership and stewardship in establishing the company as a true technology leader,” said Ramzi Musallam, CEO and Managing Partner of Veritas Capital.
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