Indian IT Major Cognizant Acquires US-Based Consulting Firm AustinCSI
IT major Cognizant on Wednesday announced that it was acquiring the management consulting company AustinCSI for an undisclosed sum.
Mumbai, November 30 : IT major Cognizant on Wednesday announced that it was acquiring the management consulting company AustinCSI for an undisclosed sum. Based in Dallas, Texas, AustinCSI provides consulting services for Fortune 500 clients across industries. The privately-held company has more than 175 consultants who design and deliver cloud and automation solutions.
"AustinCSI has built a stellar reputation by improving business outcomes for some of the world's most recognisable brands, particularly in the telecommunications, media, technology and automotive sectors, markets where Cognizant is also strong," said Michael Valocchi, SVP, Head of Cognizant Consulting and Americas Strategy. TCS Starts Virtual Quantum Computing Lab on Amazon Web Services.
The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of closing conditions, said the company. "We're excited by the opportunity to become a part of Cognizant and combine our strengths in delivering advanced and transformative technologies to clients," said Karen Moree, CEO and Co-Founder, AustinCSI.
Adding AustinCSI's enterprise cloud and data analytics expertise supports Cognizant's strategic focus on expanding its consulting practice and advisory capabilities to provide clients with end-to-end digital transformation strategy and industry-led solutions. Cred Acquires Lending As Service Platform CreditVidya in Mix of Cash and Stock Transaction.
Earlier this month, Nasdaq-listed Cognizant closed the third quarter with a 2.4 per cent revenue growth. According to the company, the revenue for Q3 went up to about $4.9 billion up from about $4.7 billion of Q3 2021. Cognizant also said it has agreed to acquire the professional services and application management practices of US based OneSource. Once the deal is done, Cognizant will add 400 employees to its fold.
(The above story first appeared on LatestLY on Nov 30, 2022 11:03 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).