Press Esc to close
Wednesday 22 October 2014
News updated at 5:38 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
Sunny day

Cognizant buys 6 C1 Group firms

Bangalore, Dec 22, 2012, DHNS:

Cognizant on Friday announced that it has entered into an agreement to acquire six companies of the C1 Group, an independent consulting and IT services firm based in Hamburg, Germany. The group has more than 1,200 professionals.

Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013.

“We expect annualised revenue to be approximately $100 million. This acquisition will be funded through the company’s cash reserves,” a Cognizant spokesperson said, declining to reveal more on the financials of the transaction. The companies focus on three industry segments: manufacturing and logistics, energy and utilities, and financial services. These companies bring deep expertise in enterprise application services (specifically SAP), and high-end testing services that range from test consulting, strategy and design, to implementation.


Under the terms of the agreement, about 500 C1 Group employees scattered across multiple locations in Germany and Switzerland, will join the rolls of Cognizant.

“We look forward to welcoming C1’s talented professionals to Cognizant,” Cognizant  CEO Francisco D’Souza said, adding that the strategic acquisition underscores their commitment to the German and the larger European markets, and reinforces the company’s position as one of the top consulting and IT services companies across the region.

“With this acquisition, Cognizant is even better positioned to help European clients achieve agility and competitive advantage by embracing a broad range of services,” D’Souza explained.

Cognizant Technologies employed more than 1.50 lakh people during the third quarter ended September 30, 2012.

Go to Top

Photo Gallery
A major fire that broke out in the crackers market in Faridabad...

A major fire that broke out in the crackers market in Faridabad...

On the eve of Diwali Renowned sand artist Sudarsan Pattnaik created a sand sculpture of Kali...

On the eve of Diwali Renowned sand artist Sudarsan Pattnaik created a sand sculpture of Kali...

Indian passengers rest on a crowded platform ahead of Diwali, the Hindu festival of lights...

Indian passengers rest on a crowded platform ahead of Diwali, the Hindu festival of lights...

Indian soccer player Peter Biaksangzuala, center, performs flips as he celebrates a goal...

Indian soccer player Peter Biaksangzuala, center, performs flips as he celebrates a goal...

Woman buying earthen lamps at a market ahead of the Diwali festival...

Woman buying earthen lamps at a market ahead of the Diwali festival...

School children paint their faces during Diwali celebrations...

School children paint their faces during Diwali celebrations...

A huge rangoli in front of Swaminarayan Temple...

A huge rangoli in front of Swaminarayan Temple...

Volunteers of Azad Hind taking out a procession to mark the Azad Hind Foundation Day...

Volunteers of Azad Hind taking out a procession to mark the Azad Hind Foundation Day...

Family members paying tribute to police martyrs during Police Commemoration Day...

Family members paying tribute to police martyrs during Police Commemoration Day...

TRS activists set affire chairs at the TDP office in Nalgonda...

TRS activists set affire chairs at the TDP office in Nalgonda...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523