Cognizant to acquire 6 of German C1 Group’s firms
22 Dec 2012 6:27 AM IST
IT services major Cognizant has entered into a definitive agreement to acquire six companies of the Germany-based C1 Group, a move that will strengthen its revenues in Germany and Switzerland by about $100 million. The C1 Group is an independent consulting and IT services firm based in Hamburg, Germany. The six companies acquired by Cognizant are btconsult, C:1 Solutions, psc Management Consulting, C:1 SetCon, Enterprise Services AG and C:1 Holding.
Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013, Cognizant said in a statement.'The (six) companies focus on three industry segments -- manufacturing and logistics, energy and utilities, and financial services,' it added.
A Cognizant spokesperson said, 'We expect annualized revenues to be approximately $100 million.'
As per the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join Cognizant. 'With this acquisition, we are even better positioned to help European clients achieve agility and competitive advantage by embracing a broad range of services,' Cognizant CEO Francisco D'Souza said.
Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013, Cognizant said in a statement.'The (six) companies focus on three industry segments -- manufacturing and logistics, energy and utilities, and financial services,' it added.
A Cognizant spokesperson said, 'We expect annualized revenues to be approximately $100 million.'
As per the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join Cognizant. 'With this acquisition, we are even better positioned to help European clients achieve agility and competitive advantage by embracing a broad range of services,' Cognizant CEO Francisco D'Souza said.
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