Nasdaq-listed IT services firm Cognizant today said it has acquired the UK-based consulting firm PIPC Group for a little over 23 million pounds (around Rs 154 crore).
Company sources said "PIPC shareholders will receive an initial consideration of 23 million pounds plus an earn-out payment tied to future performance milestones".
The company declined to comment on the cost of the deal.
Cognizant, which is focusing on strengthening its consultancy services, last year acquired Pepperweed Advisors, the IT consulting services division of US-based Pepperweed Consulting.
With more than 200 professionals worldwide, primarily in the UK, Australia, New Zealand, and the US, PIPC helps leading global companies drive business transformation by providing industry-leading programme management services, the company statement said.
PIPC will extend and complement Cognizant's existing project management and consulting capabilities and further Cognizant's ability to provide integrated services across consulting, technology and business process outsourcing.
"PIPC's strategic programme management offerings will strengthen our ability to manage increasingly complex global projects while expanding our geographic footprint, particularly in Australia, New Zealand and the UK," said Francisco D'Souza, President and CEO, Cognizant.
With 85,500 associates worldwide, Cognizant will provide the global delivery capability, experience and scale to enable PIPC to accelerate its growth ambitions, he said.
"Our organisations have the right cultural fit, and together we can drive business transformation initiatives that combine high-quality consulting, IT, and business process outsourcing services with our advanced project management offerings," said Simon Rawling, Group Managing Director at PIPC.
Cognizant's solid first-quarter results prompted it to raise its outlook for the year.
