Sources: Apollo and Kyndryl make exclusive offer for DXC Technology

DXC Technology, an IT services vendor, is actively seeking bids to sell its insurance software business for more than $2 billion. Alternatively, the company may choose to remain independent under the leadership of CEO Raul Fernandez, who was appointed in February. According to sources familiar with the matter, Apollo Global and Kyndryl Holdings, the information technology services provider spun out of IBM, are in discussions regarding a joint bid for DXC Technology.

The news caused a surge in DXC’s stock price, closing Monday’s trading session in New York up 11% at $18.45, with a market value of $3.3 billion. DXC’s business offerings encompass analytics, engineering, cyber security, cloud infrastructure, and outsourcing services. Despite this, the company has faced a decline in revenue over the past year due to high interest rates and concerns about an economic slowdown leading to reduced spending by corporate customers. The company’s shares have dropped more than 30% in the last year as a result.

To address the downturn, DXC has implemented cost-cutting measures and restructuring initiatives. The Ashburn, Virginia-based company has previously engaged in talks about a potential sale but did not come to fruition as the private equity suitor failed to secure necessary financing. Kyndryl boasts a market value of $6 billion while Apollo has massive assets under management at $671 billion and is a major player in private equity and corporate credit investments.

By Sophia Gonzalez

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