Cognizant to Acquire Six Companies of Germany's C1 Group
Cognizant (NASDAQ: CTSH) today announced that it has entered into a definitive agreement to acquire six companies* of the C1 Group, an independent consulting and IT services firm based in Hamburg, Germany. The terms of the transaction were not disclosed.
The companies focus on three industry segments: manufacturing and logistics, energy and utilities, and financial services. Known for their client-centric and innovative business culture, these companies bring deep expertise in enterprise application services (specifically SAP), and high-end testing services that range from test consulting, strategy and design, to implementation.
Under the terms of the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join Cognizant. The combination of C1's proven client-facing expertise deeply rooted in the local business environment, and Cognizant's global delivery capabilities will help clients in Europe to address their dual mandate of driving cost efficiencies and operational effectiveness, as well as innovation and business transformation.
"We look forward to welcoming C1's talented professionals to Cognizant," said Francisco D'Souza, Chief Executive Officer of Cognizant. "This strategic acquisition underscores our commitment