Nasdaq listed Cognizant, a consulting, technology, and business process outsourcing services, acquired UBS Group’s Hyderabad-based captive services provider UBS India Service Centre (UBS ISC).
As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe to enable them to reduce time-to-market, expand service delivery, and enhance productivity, operational efficiency, and quality.
The UBS ISC currently employs approximately 2,000 associates. Their deep capabilities in wealth management, investment banking, asset management, research, and remote IT infrastructure management will help Cognizant strengthen its business and knowledge process capabilities, deepen its financial services domain knowledge, and enhance its capabilities to provide integrated services across consulting, technology, and outsourcing.
“This acquisition builds on our long-standing strategy of delivering sharply focused business solutions and enhanced value to our clients in the financial services and capital markets industries,” said Francisco D’Souza, President and CEO, Cognizant.
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009.
