Cognizant inks $330 mn multiyear pact with ING US

New Delhi: IT firm Cognizant has entered into a multi-year agreement with ING US to to expand the business process management contract between the two companies.

Under the deal, Cognizant will purchase ING’s facility in North Dakota and sub-lease some of the insurer’s offices in Iowa. More than 1,000 ING US employees will be transferred to Cognizant under the seven-year deal.

[caption id=“attachment_344443” align=“alignleft” width=“380” caption=“Under the terms of the new agreement, Cognizant will hire more than 1,000 ING US employees in Minot. Reuters”] [/caption]

The new center will be an integral part of Cognizant’s global delivery network and will allow the company to provide an expanded range of business process services in the insurance and financial services industries, the IT services firm said.

“Cognizant announced that it has expanded its relationship with ING US to offer a comprehensive array of insurance business process services. The expanded seven-year

$330 million agreement builds on Cognizant’s ongoing success in providing specific technology systems management for ING US,” the company said in a statement.

Under the terms of the new agreement, Cognizant will hire more than 1,000 ING US employees in Minot, North Dakota and Des Moines, Iowa to create a US-based centre for insurance and finance business process services, it added.

Cognizant currently provides business process services to more than 40 clients in these industries, it added.

Commenting on the deal, Cognizant President Gordon Coburn said: “Our new center of excellence will serve as a key long-term component of our global delivery network and is yet

another step in our ever-expanding in-country delivery capability.”

Shares of the Teaneck, New Jersey-based Cognizant were up about 1 percent at $59.18 on Thursday on the Nasdaq.

Agencies