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Employers cut 533K jobs in Nov., most in 34 years- Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession.
Thailand reopens main international airport- Dancers, drummers and apologetic tourism officials greeted travelers Friday at the official reopening of Thailand's main international airport, which was shut down for a week by anti-government protesters.
- A security pact that sets a timetable for troops to leave Iraq requires a shift in how the U.S. carries out combat missions during its remaining time in the country, the top U.S. military commander in Iraq said Friday.
AP IMPACT: Some bailout holdings down $9 billion- Stock intended to eventually earn taxpayers a profit as part of the Bush administration's massive bank bailout has lost a third of its value - about $9 billion - in barely one month, according to an Associated Press analysis. Shares in virtually every bank that received federal money have remained below the prices the government negotiated.
Hill leader says jobs report argues for car rescue- The chairman of the House Financial Services Committee says the new bleak unemployment figures makes helping the nation's beleaguered auto industry even more urgent.
- Barack Obama, who rewrote the book on presidential fundraising, amassed more than $745 million during his marathon campaign, more than twice the amount obtained by his rival, Republican John McCain.
AP Enterprise: Deaths loom over self-defense laws- A convenience store clerk chased down a man and shot him dead over a case of beer this summer and was charged with murder. A week later, a clerk at another Jackson convenience store followed and fatally shot a man he said tried to rob him, and authorities let him go without charges.
- Paul Benedict, the actor who played the English neighbor Harry Bentley on the sitcom "The Jeffersons," has died. He was 70.
Giants' Pierce to meet with NYC investigators- Antonio Pierce is finally going to talk to investigators about what he did on the night Plaxico Burress shot himself.
EDS Agrees to Acquire Saber Corporation, a Leading Provider of U.S. State and Local Government Software and Solutions
Saber, founded in 1997, is one of the world's fastest-growing providers of
software products and services that enable state and local governments to
better serve citizens. The
Saber's current product line includes market-leading software and services that underpin essential, federally funded government functions such as voter registration, election management, public retirement programs, human services, public health services, motor vehicle registration and unemployment insurance.
"This transaction creates a growth opportunity for EDS as Saber brings complementary capabilities to EDS' already strong presence in the U.S. state and local government market, and is consistent with our strategy to move aggressively into higher-value application services," said Joe Eazor, EDS executive vice president, Corporate Strategy and Business Development.
"The combination of Saber's industry-leading applications portfolio, geographic breadth and deep understanding of government technology needs, together with EDS' global resources and demonstrated strengths in systems integration, will provide unmatched, end-to-end solutions for clients," continued Eazor.
"The transaction with Saber demonstrates EDS' commitment to the U.S. government sector and our strategy to provide mission-critical applications to the state and local government market," commented Dennis Stolkey, EDS vice president and general manager, U.S. Government. "Saber has an impressive track record of success in serving rapidly growing segments of the government market. They have a strong, dynamic management team along with a leverageable delivery model that fits well with EDS' strategic approach to serve the needs of state and local governments.
"EDS has collaborated with Saber on projects in the past, and we are well aware of the capabilities they bring to our partnership," said Stolkey. "We look forward to building on our already close relationship and the opportunity to help our government clients improve service to citizens, gain efficiencies in their work processes and reduce costs."
"At Saber, we cannot imagine having better clients than government organizations who themselves are committed to their citizens. As such, Saber has always been dedicated to providing government clients with customized software that enables them to serve their citizens quickly and efficiently. Augmenting this capability with products, services, assets and talent from EDS will allow Saber to provide clients with the comprehensive solutions that today's sophisticated citizen demands," said Nitin Khanna, chief executive officer of Saber.
"We are delighted with our new relationship with EDS as we believe it will
enable us to take our already successful business to the next level while
continuing to provide 'white glove' service to our clients," said
The state and local government market for IT services is a highly
attractive growth segment valued at approximately
The transaction, which is subject to termination of the Hart-Scott-Rodino antitrust waiting period, is expected to close before year-end. The acquisition is not expected to have a material impact on EDS' 2008 earnings, but is expected to be accretive to free cash flow in 2008.
About Saber
Saber, founded in 1997, is headquartered in
About Accel-KKR
Accel-KKR is a technology-focused private equity firm that invests
primarily in technology businesses with
About EDS
EDS (NYSE: EDS) is a leading global technology services company delivering business solutions to its clients. EDS founded the information technology outsourcing industry 45 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to clients in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries and to governments around the world. Learn more at eds.com.
The statements in this news release that are not historical statements, including statements regarding the amount of new contract values, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond EDS' control, which could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see EDS' most recent Form 10-K. EDS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Travis Jacobsen - Media Relations Roxane Barry - Investor Relations
972.797.8751 972.605.6420
travis.jacobsen@eds.com roxane.barry@eds.com
Additional Media Contacts:
Saber Corp.
Sanjay Menon
Mobile: 614.296.0886
smenon@sabercorp.com
Accel-KKR
Joseph Kuo
Kekst and Company
Office: 212-521-4863
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