Global IT services company CSC announced two strategic acquisitions on top of its first quarter earnings and revenue report.
CSC will acquire Fruition Partners, a technology provider for the service-management sector and the largest ServiceNow-exclusive service management consulting firm.
Additionally, CSC is buying London-based Fixnetix, provider of front-office managed trading software for capital markets. Financial terms were not disclosed for either deal.
With both buyouts, CSC is looking to fill in key gaps in its portfolio. With Fruition Partners, CSC can offer enterprise clients a broader range of cloud-based service management tools. With Fixnetix, CSC can offer capital market clients an expanded range of as-a-service front office capabilities.
As for the company's Q1, the results were mostly in line expectations. The Falls Church, Virginia-based company reported net income of $160 million or $1.14 per share, up from $146 million or 98 cents per share the year prior. Revenue for the quarter came in at $2.76 billion.
Wall Street was looking for earnings of $1.01 per share on revenue of $2.82 billion.
In May CSC announced that it planned to split into two separate publicly traded companies, with one focused on commercial businesses and another focused on the public sector.
Mike Lawrie, president and CEO of CSC, said the latest acquisitions "are prime examples of how we are investing to shape CSC's post-separation commercial business, best serve our global clients, and capitalize on growth opportunities in the marketplace."