Covansys Company Details

Covansys Corporation (Nasdaq: CVNS) is a global consulting and technology services company specializing in industry-specific solutions, strategic outsourcing and integration services. Our clients gain competitive advantage by leveraging our unique on-site, off-site, offshore delivery capability to achieve rapid deployment, world-class quality and reduced costs.

Our history of client satisfaction makes us a special contender in the highly competitive consulting and technology services field. Approximately 30% of our clients have been customers for five years or more. More than 90 percent of our clients are repeat customers from the previous year.

How do we achieve such high levels of customer satisfaction? We have a track record of consistently providing our clients with a wide-range of outstanding technical capabilities. With more than 5,000 professionals, we offer a professional heritage that spans Old World legacy systems to the New Economy's leading-edge technologies. We deliver innovative business and technical solutions for today's business leaders.

We also offer high-level subject matter expertise in the public sector and healthcare industries, as well as years of experience in retail, manufacturing, financial services, telecommunications and utilities.

Our People and Culture

As a consulting and technology services provider, our people are our most important asset. Our people's skills and expertise are what we sell. We are fortunate to have as colleagues more than 5,000 well educated, highly skilled and vastly experienced professionals.

To meet the increasing business demands of globalization, we recruit our professionals from around the world. But regardless of their country of origin, all Covansys employees share an unwavering commitment to getting the job done.

Our customers keep coming back for more because of our people's proven abilities to solve business problems by developing cutting edge technical solutions.

Our Culture

Here at Covansys, these core values are the building blocks of our culture – these shared attitudes, beliefs and actions unify our diverse global employee base:

Commitment: We are committed to doing whatever it takes to make our clients successful. Here at Covansys, our clients’ success is our success.

Superior Execution: We strive for superior execution – in everything that we do. We listen to our clients’ needs, and respond with passion, using the highest quality processes and domain expertise to deliver client projects with speed and agility.

Trust: Clients trust us with their most business-critical projects because Covansys consultants assume personal responsibility for achieving client goals and for ensuring positive relationships with our clients, with our partners and with each other.

These values help define who we are. They serve as a guide for continued growth and professional excellence. They help us maintain enduring relationships with our clients, our employees, and our business partners.

Benefits

Medical, RX, Dental & Vision Plans

Covansys provides a wide range of health insurance benefits, including medical, dental, prescription, and vision coverage for employees and their family's health care needs. Coverage begins on the date of hire or full-time employment.

Employees may choose between two health plan options. Excellent coverage is available for a moderate employee contribution through our Comprehensive Plan. A Comprehensive Plus Plan, featuring lower out-of-pocket costs and enhanced dental coverage, is available for a larger employee contribution. Both of Covansys' plans are Preferred Provider Organization (PPO) plans and benefits are paid at a higher level if an ‘in-network’ provider is used. An “Opt-Out Cash Back” option is available for benefit eligible employees who can provide proof of other health care coverage.

401(k) Retirement Plan

This optional tax-deferred retirement plan allows our employees to defer up to 75% of their compensation, up to the annual IRS dollar limit ($13,000 in 2004). Employees may begin participating in the 401(k) plan after completion of their first pay period. All eligible employees receive a generous match of $.40 for each $1.00 of elective deferrals, up to 6% of compensation per payroll period. Employees receive company-matching contributions with their first contribution to the plan.

Employee Stock Purchase Plan

The employee stock purchase plan allows employees of Covansys to purchase shares of Covansys stock at a discount of up to 15%. Employees who average at least 20 hours per week may direct up to 10% of their compensation towards the purchase of Covansys stock and can begin participating in the ESPP the first offering following 90 days from date of hire.

Tuition Assistance

The tuition assistance program provides 100% reimbursement up to $5,250 annually. This amount may be applied towards tuition fees as well as purchases of books and supplies. Maximum lifetime benefit is $21,000 for a Bachelor's or Master's degree program.

Employee Referral

An incentive of up to $5,000 is paid for any qualified referral resulting in professional-level hire.

Life Insurance

Covansys provides term life insurance coverage for all full-time employees, equal to one time the annual salary to a maximum of $130,000.

Short-Term Disability

Short-Term Disability provides a salary replacement for up to 26 weeks for medical disability after 90 days of service. The benefit is equal to 65% of the employee's weekly salary to a maximum of $1,000 per week. The Covansys Short-Term Disability benefit will be offset if an employee resides in a state that provides mandated statutory disability benefits.

Long-Term Disability

Long-Term Disability provides a salary replacement for medical disability that extends beyond 26 weeks. The benefit is equal to 65% of the employee's monthly salary to a maximum of $6,000 per month.

Flexible Spending Accounts

Employee's voluntary contributions are deducted from the employee's paycheck on a pre-tax basis. These contributions are used to reimburse the employee for medical, dental, prescription, or vision expenses not covered by employer-sponsored group health plans. Employees can also set up an account for dependent care costs.

Travel Reimbursement Incentive Program (TRIP)

TRIP allows employees to contribute pre-tax dollars to special accounts. This tax advantaged program allows employees to save money on the cost of qualified transportation expenses (transit/vanpool and parking) to and from work.

Paid Time Off

The Paid Time Off (PTO) allows employees to take time off at their discretion with management approval.

Full-time employees are allowed the following time off with pay:

Number of PTO Days-------Length of Service

18 days per year after 1 year of service
24 days per year after 5 years of service
29 days per year after 10 years of service

Holiday Pay

Covansys observes six holidays per calendar year:

New Year's Day, Memorial Day, Fourth of July, Labor Day, Thanksgiving Day, and Christmas Day.