Cognizant Acquires UBS India Service Center
October 15, 2009
Cognizant (Nasdaq: CTSH), a leading provider of consulting, technology, and business process outsourcing services, today announced a definitive agreement to acquire UBS India Service Centre Private Limited (UBS ISC), the Hyderabad, India-based captive service provider to the UBS Group.
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 to enable them to reduce time-to-market, expand service delivery, and enhance productivity, operational efficiency, and quality.
The UBS ISC currently employs approximately 2,000 associates. Their deep capabilities in wealth management, investment banking, asset management, research, and remote IT infrastructure management will help 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.
“We welcome the highly talented and experienced professionals of UBS ISC to Cognizant. This acquisition deepens our relationship with UBS and extends our leadership position in financial services,” said Francisco D’Souza, President and CEO, Cognizant. “This acquisition builds on our long-standing strategy of delivering sharply focused business solutions and enhanced value to our clients in the financial services and capital markets industries.”
“Cognizant’s broad banking and financial services expertise and its cultural fit with UBS complement the competencies provided by the India Service Center today, while providing technology capabilities that expand the services we can buy from India and support our cost savings, efficiency and flexibility objectives,” said Ulrich Korner, Group Chief Operating Officer of UBS AG.
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009.