Cognizant Technology Solutions Corporation, a US-based information technology (IT) consulting services company, has signed a definitive agreement to acquire UBS India Service Centre Private Limited (UBSISC) from UBS AG.
UBSISC is an India-based provider of information technology services, while UBS is a Switzerland-based financial services company.
As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT and remote infrastructure management services to UBS divisions around the globe.
Rumor (September 18, 2009):
According to The Economic Times, UBS is planning to sell its units UBSISC and UBS Poland Service Centre. Cognizant is in advanced negotiations to acquire the units. The units are valued at approximately $100 million.
Reportedly, Genpact Limited is also in the race for the units.
Reportedly, Infosys Technologies Limited and Wipro Limited have pulled out of the bidding process due to differences over valuation.
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Announced: 2009-10-15
Deal Participants
Target (Company) UBS India Service Centre Private Limited
Acquirer (Company) Cognizant Technology Solutions Corporation
Vendor (Company) UBS AG
Deal Rationale
The acquisition of UBSISC will enable Cognizant strengthen its business and knowledge process capabilities, deepen its financial services domain knowledge and enhance its capabilities to provide integrated services across consulting, technology and outsourcing.
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