Though both the companies haven't disclosed the financials of the offer, sources close to the development stated Applabs was valued above $300 zillion.
Promoters of Applabs hold 40% risk, private equity firm Westbridge Capital retains 50% and employees hold 10%, Applabs Founder and Ceo Shashi Reddy told media persons right here.
"WestBridge, which had invested $20 zillion in three rounds, was looking to have an exit option and that led us to market our stake also, " Reddy stated.
CSC has approximately 92, 000 employees around the world with a large presence in Indian. The company has revenues of more than $16 billion.
"Testing services is currently pegged at $13 billion and it is poised to grow at 20% in order to 2013. With the Applabs acquisition we expect to grow at 20% when it comes to number of employees, " CSC ceo Michael W Laphen said.
Applabs comes with an employee base of 2, 500 distribute across India, he USA and the united kingdom. Its key clients include American Air carriers, Experian, JP Morgan, VocaLink and Nationwide Australia Bank.
According to Applabs web site, Reddy has started two other companies just before AppLabs. His first company was EZPower Techniques, a developer of products for creating and maintaining large-scale web applications. EZPower was acquired by DocuCorp after which eventually by Oracle.
Following EZPower, Sashi started iCoop, a Dotcom Company that proceeded to go bust. He is also the creator and chairman of FXLabs, a leading developer of top quality game products for PCs, console as well as online.