 "Cognizant buys Norwegian unit, boosts operations in oil and gas")
Cognizant Technology Solutions has acquired the technology and business process services unit of Frontica Business Solutions, a portfolio company of Norway-based oil-services investment company Akastor ASA.
The deal, whose value has not been disclosed, will also allow Cognizant access to service multiple portfolio companies of Norway-based investment firm Aker.
“Leveraging Frontica’s specialised capabilities and expertise, we will further strengthen our oil and gas industry and technology capabilities, expand our presence in key markets, and enrich our service offerings to clients,” Santosh Thomas, president, Global Growth Markets, at Cognizant, told Business Standard.
Following the acquisition, Cognizant will take on board 500 employees of Frontica across the Nordics, Malaysia, the UK, Brazil and the US.
Cognizant will help Aker’s portfolio companies in digital transformation of their businesses, along with driving cost efficiencies and business agility through simplifying, modernising and enhancing security of their applications and IT (information technology) infrastructure.