(By Balaseshan) Cognizant Technology Solutions Corp. (NASDAQ: CTSH) said it has agreed to buy six companies of C1 Group, an independent consulting and IT services firm based in Hamburg, Germany, for undisclosed sum.
The six companies include: btconsult GmbH (process and technology consulting, SAP); C:1 Solutions GmbH (consulting and enterprise solutions: SAP, BPM, ECM, ERM); psc Management Consulting GmbH (process and technology consulting); C:1 SetCon GmbH (software engineering and testing); Enterprise Services AG (a Swiss company focused on process and IT consulting); and C:1 Holding GmbH.
The six companies of C1 Group focus on three industry segments: manufacturing and logistics, energy and utilities, and financial services.
These companies, which are known for their client-centric and innovative business culture, bring expertise in enterprise application services (specifically SAP), and high-end testing services that range from test consulting, strategy and design, to implementation.
Under the terms of the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join Cognizant. The transaction is expected to close in the first quarter of 2013.
The combination of C1's client-facing expertise deeply rooted in the local business environment, and Cognizant's global delivery capabilities will help clients in Europe to address their dual mandate of driving cost efficiencies and operational effectiveness, as well as innovation and business transformation.
CTSH closed Thursday's regular session up 0.61% at $73.72. The stock has been trading between $53.92 and $78 for the past 52 weeks.