Cognizant Technology Solutions (CTSH - Free Report) is set to buy privately-held digital engineering and consulting company, Softvision for an undisclosed amount. The deal is expected to close in the fourth quarter of 2018.
Softvision’s delivery teams called pods comprise a global network of design, technical and engineering experts. They work collaboratively in studios to develop customised digital solutions for Fortune 500 clients in financial services, retail, consumer products, healthcare and other industries. The company’s network includes 2,850 creative technologists.
Softvision Buyout to Strengthen Cognizant’s Domain Expertise
Softvision’s pods are known for their agility in developing innovative as well as customised software solutions that enhance customers’ experience. Softvision will speedup Cognizant’s solution delivery procedure that will help it attract new customers.
Moreover, the acquisition is expected to fortify Cognizant’s hold in areas like artificial intelligence (AI), virtual reality (VR), Internet of Things (IoT) and human science. The company already has significant exposure to the fast-growing verticals like financial services and healthcare. The addition of Softvision will further strengthen Cognizant’s domain expertise.
In fact, Cognizant is gaining from steady demand across payer clients and increasing interest in the company’s digital, analytics, cloud and virtualization solutions. The company is consistently developing its capabilities to gain from the ongoing digital transition, especially from the integration of the new digital framework with legacy technology platforms.
Cognizant Technology Solutions Corporation Revenue (TTM)