Cognizant in tech outsourcing deal with Dexia

Technology outsourcing company Cognizant has bagged IT and BPO services deal from European banking group Dexia.

The tech company will be absorbing some of the employees.

Cognizant will be the information technology and business process services provider Dexia’s capital markets and credit operations in France and Belgium.

Cognizant will enable Dexia to digitally transform its operations by modernising, optimising and securing Dexia’s technology infrastructure, including implementing a managed services platform for credit operations.

Cognizant and Dexia will build a platform to run the bank’s credit operations, spanning functions such as transaction settlements, clearances and records maintenance.

Dexia aims at reducing the operational risks of its fragmented and aging IT infrastructure and at accelerating its transformation towards a more efficient organization. A teaming model will provide savings and flexibility to its cost base while assuring operational continuity and, offering new career opportunities for Dexia’s concerned employees.

“Partnering with Cognizant on IT and back-office activities at our Head Offices aims at securing our operational continuity in a more cost-efficient manner. Equally relevant is the longer-term career perspective that this solution aims to provide to colleagues who will transfer to Cognizant,” said Wouter Devriendt, CEO of Dexia.

“Cognizant will be investing in expanding capabilities for clients in France and throughout Europe, and we look forward to welcoming Dexia employees to our team with expertise that will significantly augment our capabilities in the region,” said Santosh Thomas, president, Global Growth Markets, at Cognizant.

The agreement will enable Cognizant to expand its presence in Europe, including France, where it has created over 800 new jobs over for the past eight years along with the establishment of delivery and operations centers in Paris, Lyon and Grenoble.