Deal summary
EDS, the American provider of IT business solutions, acquired Citymax, the financial IT services company from international bank Credit Suisse Group.
- The aim of the acquisition was for EDS becoming the preferred technology partner for Credit Suisse Group's activities. Initially the partnership focused on Credit Suisse's investment banking arm - Credit Suisse First Boston.
- EDS discounted the price of the Citymax services to Credit Suisse
- It is reported that Credit Suisse sold Citymax in order to focus on the core business
- Citymax later became officially named EDS-SIG (Electronic Data Services Securities Industry Group)
About Electronic Data Systems (EDS)
EDS was an American multinational information technology equipment and services company headquartered in Plano, Texas. It is now DXC Technology. DXC Technology runs mission-critical systems with the latest technology innovations to deliver better business outcomes and new levels of performance, competitiveness and experiences for its customers. The company’s global scale, talent and innovation platforms serve 6,000 private and public-sector customers in 70 countries.
About Citymax
Citymax Finance was an IT Financial Services company based in the UK. The company offered expert financial advice on various services such as strategy and planning, trade negotiation and evaluation, wealth management, trademarks, market analysis, and investment planning. Citymax was later sold onto ACT and merged in to the ACT Financial Systems offices in Apr 2000
About Credit Suisse Group
Credit Suisse Group AG is a global wealth manager, investment bank and financial services firm founded and based in Switzerland. Headquartered in Zürich, it maintains offices in all major financial centers around the world and is one of the nine global "Bulge Bracket" banks providing services in investment banking, private banking, asset management, and shared services. It is known for strict bank–client confidentiality and banking secrecy. The Financial Stability Board considers it to be a systemically important bank.
