Press Esc to close
Wednesday 26 November 2014
News updated at 3:42 AM IST
Weather
Max: 29.1°C
Min : 17°C
In Bengaluru
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
It is business as usual in Leopold Cafe on the eve of the anniversary ...

It is business as usual in Leopold Cafe on the eve of the anniversary ...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

England's captain Alastair Cook (R) talks with his teammate Ravi Bopara...

Models pose with a car during the inauguration of the Lamborghini showroom...

Models pose with a car during the inauguration of the Lamborghini showroom...

Women from the Delhi police force, undergo martial arts training...

Women from the Delhi police force, undergo martial arts training...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Indian tennis player Sania Mirza blows whistle to joins campaign...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

Children rights activist Baburaj, Good Sheperd High School headmistress ...

A Sun Bird sits on a branch of Jacaranda flower tree...

A Sun Bird sits on a branch of Jacaranda flower tree...

BJP MP'S meeting in Parliament house...

BJP MP'S meeting in Parliament house...

Bipasha Basu and Milind Soman at Pinkathon announcement

Bipasha Basu and Milind Soman at Pinkathon announcement

Modi with BJP leaders at an election rally in Jharkhand

Modi with BJP leaders at an election rally in Jharkhand

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