US-based information technology major Cognizant, consulting, and business process outsourcing services, would acquire CoreLogic Global Services' captive operations in India for $50 million (around Rs 225 crore).
Cognizant and CoreLogic, a leading provider of information, analytics, and business services, today announced a definitive agreement in this regard.
"The purchase price will consist of a cash payment of approximately $50 million, plus adjustments for working capital and other charges or credits which will be determined at closing," a joint statement by the two firms said.
As part of the transaction, CoreLogic and Cognizant would enter into a services agreement with a minimum revenue commitment of $324 million, plus applicable inflation adjustments, over five years with various renewal and extension rights, under which Cognizant would provide a range of services to CoreLogic globally.
Together, the companies expect to provide end-to-end business process and analytics solutions across the mortgage value chain.
CoreLogic India, whose around 4,000 associates would become employees of Cognizant at closing, provides, among others, capabilities in software product development and technology support to CoreLogic and its customers, primarily in the US mortgage and real estate markets.
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Founded in 1994, CoreLogic India has offices in Bangalore, Hyderabad, and Mangalore.
As one of the largest real estate information and analytics provider in the US market, CoreLogic brings deep relationships in data, analytics, and business and information services capabilities. Subject to the satisfaction of certain closing conditions, the transaction is expected to close next month, the statement said.