New Delhi: Nasdaq-listed IT company Cognizant on Thursday said it has entered into a definitive agreement with the UBS Group for acquiring the latter’s Hyderabad-based BPO unit.
The company did not divulge any financial detail. According to sources, the deal is valued at $72-75 million (around Rs340 crore).
As part of the transaction, financial services provider UBS and Cognizant have entered into a multi-year services pact, under which Cognizant will provide business process outsourcing (BPO), knowledge process outsourcing (KPO), IT and remote infrastructure management services to UBS divisions globally, Cognizant said in a statement.
The UBS unit, called UBS India Service Centre (UBS ISC), employs about 2,000 associates, who would now be a part of Cognizant, it added.
UBS ISC’s capabilities in wealth management, investment banking, asset management, research, and remote IT infrastructure management will help Cognizant strengthen its BPO and KPO capabilities, financial services domain knowledge and as well provide integrated services across consulting, technology, and outsourcing, it said.
“This acquisition extends our leadership position in financial services,” Cognizant CEO Francisco D’Souza said.
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009, the statement said.