IT services provider Cognizant is set to acquire ValueSource, a subsidiary of Belgium-based bank insurance group KBC.
The acquisition is part of a five-year deal with KBC. The ValueSource acquisition is part of the contract from KBC to optimize service delivery and drive superior customer. Cognizant intends to deliver application development, application maintenance and testing services.
This is the second acquisition this month. Cognizant acquired Equinox Consulting of France as well, PTI reported.
ValueSource has 170 employees who will be transferred to the US-based IT services provider. It has a dedicated offshore development centre in Chennai. It provides integrated offshoring services in software development and maintenance in financial services and insurance domain, manufacturing and business operation automation.
ValueSource’s experience in the financial services and insurance domain will provide business continuity for KBC.
Last year, Cognizant had acquired six companies of the Germany-based C1 Group. Other acquisitions include MarketRx, UBS and CoreLogic captives in the country and London-based management consulting firm PIPC Group among others.
As part of the deal, Cognizant will combine its global talent base, deep local business insight, and global best practices to help KBC achieve greater levels of operational efficiency, business agility, and governance, while realising its business objectives and enhancing competitiveness.
The New Jersey, US-based Cognizant has over 50 delivery centres globally and about 164,300 employees as of the June quarter. For the June quarter, Cognizant’s revenues stood at $ 2.16 billion, up 20.4 percent from the year-ago quarter.
