Computer Sciences Corp. (NYSE: CSC) has agreed to sell its Australia-based information technology staffing unit to a South African employment services firm for $73.5 million cash.
The company expects to close its sale of Paxus to Adcorp by the end of January 2013 and CSC will continue working with Paxus to meet IT staffing needs in Australia.
This is CSC’s third divestiture in seven weeks, with the Falls Church, Va.-based technology consultant having agreed to sell its credit services unit to Equifax for $1 billion cash and its Italy-based consulting and systems integration business to Dedagroup ICT Network for an undisclosed amount.
“This portfolio-shaping transaction is the latest step in CSC’s transformation, ” said Mike Lawrie, chairman and CEO. “We do not anticipate any impact on CSC’s core services and clients in Australia, and we expect to use after-tax proceeds for general corporate purposes.”
CSC estimated Paxus’ fiscal year 2012 revenue at approximately $340 million with low single-digit operating margins.
CSC will report Paxus’ financial results as discontinued operations in future periods after previously reporting the results within its business solutions and services segment.
CSC acquired Continuum and its Melbourne-based Paxus business unit in 1996.