CSC, the Virginia-based information technology company, and German software company SAP are already collaborating on financial services products, and it was announced this week that they will be deepening their relationship.

Could an acquisition be in the works?

The press release from May 15 reads in part:

Under the expanded alliance, CSC will be an SAP global services partner for the banking industry and is expected to provide systems integration services for banks using SAP solutions. CSC is also now a global value-added reseller of SAP, authorized to resell SAP products, services and support. In addition, SAP and CSC will co-sell their banking software and solutions.

The two companies together offer consulting services to improve efficiency and profitability, logistics and supply chain solutions, help with speeding up and modernizing data and systems, and support services for SAP solutions.

Modernization of aging infrastructure is a critical issue for banks across the globe. It is a costly, time-consuming, and complex endeavor that many banks balk at and few banks in the U.S. have so far attempted. The enhanced partnership of CSC and SAP means “banks will now have more choice when modernizing their technology systems,” said Thomas E. Hogan, EVP and general manager for global business services for CSC.

SAP has annual revenue of approximately $20 billion.