ET BureauBENGALURU: US-based software services exporter Cognizant Technology Solutions, which has been on an acquisition spree over recent years, has bought privately-held cloud services firm KBACE Technologies for an undisclosed sum.
The terms of the transaction were not disclosed.
Cognizant, which has a large majority of its 219,000 employees in India, said that the KBACE acquisition would bolster the company’s digital business unit, adding that about 400 consultants and other business functions from KBACE would come under its umbrella as part of the deal.
“The combined capabilities will further enable Cognizant to help clients become intuitively digital by using the cloud to derive new insights, unlock new opportunities and lower costs through a subscription-based business model,” Cognizant said.
Nashua, New Hampshire-based KBACE enjoys a sizable customer base for its Oracle Cloud implementation services, something that Cognizant will leverage through this buyout.
"The addition of KBACE technologies and expertise in delivering SaaS digital solutions accelerates Cognizant's cloud strategy and consulting services, provides our clients with access to significant platform expertise and puts us at the forefront of Oracle Cloud partners and technology consultants worldwide," said Allen Shaheen, Executive Vice President, Cognizant, in a statement. "KBACE consultants are some of the most talented and experienced in the industry with many regarded as the predominant subject matter experts in their area."
Over the past 5 years, Cognizant has made a number of sizable acquisitions to diversify into newer geographies and businesses, most notably its $2.7-billion buyout of healthcare IT firm TriZetto -- one of the largest deals in the history of global technology services.
Teaneck, New Jersey-based Cognizant will report its fourth-quarter results on February 8 and has forecast revenues for 2015 to grow by over 21% to about $12.41 billion. Earlier in January, Cognizant maintained its 2015 revenue guidance, despite disruption to operations caused by heavy rainfall in Chennai, where the company has about 60,000 employees.
The terms of the transaction were not disclosed.
Elevate Your Tech Prowess with High-Value Skill Courses
| Offering College | Course | Website |
|---|---|---|
| IIM Lucknow | IIML Executive Programme in FinTech, Banking & Applied Risk Management | Visit |
| IIM Kozhikode | IIMK Advanced Data Science For Managers | Visit |
| IIT Delhi | IITD Certificate Programme in Data Science & Machine Learning | Visit |
“The combined capabilities will further enable Cognizant to help clients become intuitively digital by using the cloud to derive new insights, unlock new opportunities and lower costs through a subscription-based business model,” Cognizant said.
Nashua, New Hampshire-based KBACE enjoys a sizable customer base for its Oracle Cloud implementation services, something that Cognizant will leverage through this buyout.
"The addition of KBACE technologies and expertise in delivering SaaS digital solutions accelerates Cognizant's cloud strategy and consulting services, provides our clients with access to significant platform expertise and puts us at the forefront of Oracle Cloud partners and technology consultants worldwide," said Allen Shaheen, Executive Vice President, Cognizant, in a statement. "KBACE consultants are some of the most talented and experienced in the industry with many regarded as the predominant subject matter experts in their area."
Discover the stories of your interest
Over the past 5 years, Cognizant has made a number of sizable acquisitions to diversify into newer geographies and businesses, most notably its $2.7-billion buyout of healthcare IT firm TriZetto -- one of the largest deals in the history of global technology services.
Teaneck, New Jersey-based Cognizant will report its fourth-quarter results on February 8 and has forecast revenues for 2015 to grow by over 21% to about $12.41 billion. Earlier in January, Cognizant maintained its 2015 revenue guidance, despite disruption to operations caused by heavy rainfall in Chennai, where the company has about 60,000 employees.
Get Unlimited Access to The Economic Times
