The first of the "modern" PMCs is WatchGuard International formed in 1965 by Sir David Stirling of SAS fame. Stirling later left WatchGuard and founded KAS International in 1972.
During the 70s and 80s, Control Risks Groups and Defence Systems was formed.
Based on the limited amount of research I've been able to do, prior to the Twilight War, PMCs tend to be heavily British in nature, recruiting from SAS, SBS and Paras for the most part, and acting (unofficially of course) in British interests.
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The reason that the American Army does so well in wartime, is that war is chaos, and the American Army practices chaos on a daily basis.
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