The software company Cognizant is ready for yet another round of acquisitions. According to a latest announcement, Cognizant has entered into a definitive agreement to acquire six companies of the C1 Group.
Based in Hamburg, Germany, C1 is an independent consulting and IT services firm. The six companies with which Cognizant has entered into a definitive agreement include bt consult GmbH [process and technology consulting, SAP], C:1 Solutions GmbH [consulting and enterprise solutions: SAP, BPM, ECM, ERM], psc Management Consulting GmbH [process and technology consulting], C:1 SetCon GmbH [software engineering and testing], Enterprise Services AG [a Swiss company focused on process and IT consulting] and C:1 Holding GmbHUnder the terms of the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join Cognizant. The combination of C1’s proven client-facing expertise deeply rooted in the local business environment, and Cognizant’s global delivery capabilities will help clients in Europe to address their dual mandate of driving cost efficiencies and operational effectiveness, as well as innovation and business transformation.
According to Francisco D’Souza, Chief Executive Officer, Cognizant, “We look forward to welcoming C1’s talented professionals to Cognizant. The merger of the C1 companies with Cognizant would support Cognizant’s growth strategy for Europe and create a bond with C1’s remaining companies. This move will enable the two companies to drive future diversification, and realize the strong growth potential of our combined strengths.”
Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013.
