DXC Technology's spin-off - government and human resources to be renamed as Gainwell Technologies
The planned spin-off - government and human resources from DXC Technology will be named Gainwell Technologies.
In March, Veritas Capital announced that it will acquire DXC Technology‘s state and local health and human services business for $5 billion in cash. Recently, the company said that the business will be named Gainwell Technology after closing of the acquisition on Oct. 1.
Paul Saleh, Executive Vice President and Chief Financial Officer of DXC Technology will spearhead Gainwell Technology as its CEO after the acquisition closes.
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.
It is not the only deal announced by DXC to divest its businesses. In July, DXC said that it plans to sell its healthcare provider software business to Italy-based Dedalus Group in a $525 million cash deal.
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.
Ramzi Musallam, CEO and Managing Partner at Veritas Capital, said in a prepared statement that Veritas looks forward to supporting Gainwell Technologies as it partners with clients to navigate complex challenges, and welcomes Saleh and his team to the Veritas family.
“The choice of Gainwell reflects the true vision of the new company. 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.
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