The U.S. economy may be sagging, but the fortunes of Electronic Data Systems aren't. The new business announcement comes at a time when EDS is enjoying a spectacular run in revenue and profits increases. Baum said that when it's under way, the new venture will be the largest processor of mortgage payments in the United Kingdom.
Plans call for expanding it to other areas of Europe.
A two-year contract with the Austrian government to provide social security smart cards to 8 million of that country's citizens. A five-year contract with African Oxygen, a South African gas and health care company, for computer systems services. Baum declined to reveal the value of the other individual contracts. EDS' growth binge is attributed to several factors, Baum said. The company is providing computer systems services for new ventures.