Covansys buys PDA
Covansys Corp., Farmington Hills, Mich., acquired PDA Software Services Inc. for about $16.5 million, expanding its IT outsourcing capabilities in the state market and the insurance industry.
Covansys is a global consulting and technology services company specializing in industry-specific solutions, strategic outsourcing and integration services. Its 4,400 employees work in 23 locations worldwide.
PDA of Overland Park, Kan., develops, implements and maintains systems for states required to meet federal tracking and reporting mandates of the Women, Infants & Children program. The company also offers a Web-based product, FloodConnect, that helps private insurers manage flood insurance business through the National Flood Insurance Program.
PDA's annual revenue is about $18 million. Covansys had revenue of $404 million and a net loss of $10.5 million in 2001.