 "Cognizant acquires Equinox Consulting of France")
Mumbai: IT major Cognizant has acquired French financial services consulting firm Equinox Consulting for an undisclosed sum.
Founded in 2004, Equinox provides business consulting services across investment banking, asset management, retail banking, insurance, and specialised financial services. The French company also has deep regulatory consulting expertise, spanning Basel III, Solvency II, EMIR/Dodd-Frank, Fatca and Mifid, in addition to offering strategy consulting, organization and operations management, change management, and HR consulting.
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Cognizant Technology Services. Reuters. [/caption]
Under the terms of the deal, about 160 consulting professionals will join Cognizant, the company said today. Without disclosing the deal size, the company spokesperson said Cognizant expects about USD 40 million in annualised revenue from this acquisition.
“This strategic acquisition underscores our commitment to the French and European markets, and reinforces our position as one of the top consulting firms in this region,” Cognizant chief executive Francisco D’Souza said.
The New Jersey, US-based Cognizant has over 50 delivery centres globally and about 1,64,300 employees as of the June quarter. Last year, it had acquired six companies of the Germany-based C1 Group. It had also made other acquisitions in the past including MarketRx, UBS and CoreLogic captives in the country and London-based management consulting firm PIPC Group among others.
For the June quarter, Cognizant’s revenues stood at USD 2.16 billion, up 20.4 per cent from the year-ago quarter.
PTI