Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : TAVA Technologies (TAVA-NASDAQ) -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brew who wrote (28312)	2/17/1999 3:57:00 PM
From: WR	Respond to of 31646

CSC to be Awarded $31 Million Outsourcing Agreement by MMI CSC to Provide MMI Immediate and Future Cost Savings With Improved Service Levels EL SEGUNDO, Calif., Feb. 12 /PRNewswire/ -- Computer Sciences Corporation (NYSE: CSC - news) today announced plans to sign a three-year outsourcing contract with MMI Insurance. MMI Insurance is one of Australia's leading general insurers and the country's largest private workers compensation insurer. The estimated value of the contract, which begins in March 1999, is approximately $31 million (AUD$48 million). This represents a minimum $1.3 million (AUD$2 million) annual savings on MMI's existing information technology expenditure, according to George Bell, CSC Australia's CEO and Managing Director. CSC's Australian business unit will manage I/T services, including mainframe and midrange computing, desktop, help-desk and network functions for MMI, which recently became a wholly-owned subsidiary of the world's leading insurance group, Allianz AG. The agreement extends an existing relationship under which CSC had provided outsourcing services to MMI for mainframe and desktop services. CSC says its selection was based on its capacity to deliver MMI immediate and future cost savings and the flexibility of CSC's contractual arrangements, including usage-based pricing plans and improved service levels. ''We view this agreement as an expression of confidence in CSC's new management team led by George Bell,'' said John Cullity, MMI's chief general manager, System and Support. ''This new agreement underscores the quality of service we've provided to MMI and reflects our shared commitment to mutually beneficial partnerships,'' added Bell. ''MMI set some formidable requirements, including the ability to deliver an immediate 10 percent reduction on computer processing, network and ancillary costs, which we were able to meet.'' MMI's core business is working with insurance brokers and agents to help make their business customers financially secure and its subsidiaries leaders in their respective fields. The company has approximately 2,000 employees and offices in every Australian state and territory, as well as in New Zealand, and more than $2.3 billion (AUD$3.6 billion) in assets under management and received premium income of around $1 billion (AUD$1.6 billion) in the last financial year. Computer Sciences Corporation helps clients in industry and government use information technology to attain strategic and operational objectives. The company develops individualized business solutions that are delivered by CSC's 49,000 employees in more than 700 offices worldwide in areas such as management and information technology consulting, systems consulting and integration, operations support and information services outsourcing. Since its founding in 1959, CSC has been known for its flexibility in its relationships with clients. The company has no exclusive agreements with hardware or software technology companies and thus is able to identify and manage solutions specifically tailored to each client's needs. Headquartered in El Segundo, California, CSC had revenues of $7.4 billion for the 12 months ended January 1, 1999. For more information, visit the company's web site at www.csc.com. SOURCE: Computer Sciences Corporation biz.yahoo.com