Computer Data Systems Inc. announces formation of commercial IT subsidiary to be headed by Robert L. Veschi.ROCKVILLE, Md.--(BUSINESS WIRE)--Feb. 26, 1997--CDSI Chief Executive Officer and President Peter A. Bracken bracken or brake, common name for a tall fern (Pteridium aquilinum) with large triangular fronds, widespread throughout the world, often as a weed. announced Wednesday a plan, which will be effective March 3, 1997, to establish the CDSI CDSI Comisión de Estudio para el Desarrollo de la Sociedad de la Información CDSI Cross Domain Semantic Integration CDSI Credit Default Swap Index Solutions Company. CDSI Solutions Inc. will be a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. dedicated to providing information technology (IT) services in commercial markets, with a particular emphasis on commercial IT outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and will report to the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president. Robert L. Veschi has been appointed president of CDSI Solutions. Veschi recently retired as president of Lockheed Martin's Integrated Business Solutions Company, a business focused on the commercial IT outsourcing market. He was responsible for establishing Lockheed Martin's successful outsourcing operation by winning new commercial contracts during the last two years. Veschi has a 30-year history of successfully managing and growing IT activities in both the federal government and in industry. Prior to his assignment as president of the LM Integrated Business Solutions Company, Veschi served as vice president operations responsible for day-to-day management in Lockheed Martin's Information Systems Company that focused on high technology programs in the federal, international and commercial IT markets. He received his bachelor's of science degree in computer science in 1975 from American Technological University. "Bob's outstanding record of success in establishing, managing and growing commercial information technology businesses, particularly in the outsourcing arena, will be an invaluable asset to our corporation," Bracken said. "His experience in expanding business through internal growth by winning and successfully implementing commercial information technology contracts will help CDSI carryout car·ry·out adj. Intended to be consumed away from the place of sale; takeout: a shop offering carryout sandwiches. n. An item of food or a meal that is to be consumed away from the place of sale. its plans for more rapid commercial growth." As previously announced, Wayne F. Matthews has been appointed vice president and chief financial officer of CDSI Solutions. The headquarters for CDSI Solutions will be located in the Washington, D.C. Metropolitan area in a building separate from CDSI's federal government businesses. CDSI's current commercial IT contracts will be transferred to and implemented by CDSI Solutions. In addition, CDSI intends to award a contract for its current in-house IT support to the new company. This work involves approximately 100 employees and $10-12M of annual revenue. The transfer of this on-going work is planned to be completed by July 1, 1997. Computer Data Systems Inc., founded in 1968, is a recognized leader in providing broad-based information technology solutions for government and commercial customers. As one of the foremost federal systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and system developers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , CDSI provides customers with innovative applications for enhancing their business processes -- enabling customers to realize cost efficiencies, provide better service, and introduce new capabilities. CDSI's services include systems integration, custom software development, data center management, proprietary applications software, and value-added processing. CDSI is an equal opportunity employer equal opportunity employer An employer or enterprise that does not discriminate against a job candidate, or subject him/her to adverse exclusionary criteria, based on race, sex, religion, or national origin. See Equal employment opportunity. . CONTACT: Computer Data Systems Inc., Rockville Sandra L. Christopher, 301/921-7044 |
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