As per the recent announcement, Veritas Capital has named the US State & Local Health and Human Services business that it plans to acquire from DXC Technology, as Gainwell Technologies.
Veritas Capital, that had invested in the company’s government and healthcare technology businesses in March expects to close the transaction in October this year.
The name Gainwell is a construct of the words “gain” and “well, and reflects the company’s mission to empower its clients through technology and enable successful health outcomes for beneficiaries nationwide.
“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,” said Ramzi Musallam, CEO and Managing Partner of Veritas.
DXC Technology also announced Paul Saleh who is currently the Chief Financial Officer of DXC to be the Chief Executive Officer of Gainwell Technologies, effective upon closing of the transaction. He has been a key driver in enabling a smooth transition.
“We look forward to supporting Gainwell Technologies as it partners with clients to navigate complex challenges and drive transformational outcomes, and to welcoming Paul and his talented team to the Veritas family,” he further added.
The company decided to spin off its state and local health and human services business last year, as it decided to divest itself of three of its businesses to bolster its finances with a focus on its core services business.