IT/ITeS services provider Cognizant has acquired UBS India Service Centre Private Limited (UBS ISC), the India-based captive service provider to the UBS Group, for around $75 million. UBS and Cognizant have also entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing, knowledge process outsourcing, IT and remote infrastructure management services to UBS divisions around the globe. The outsourcing contract is estimated to be worth up to $442 million. The UBS ISC currently employs approximately 2,000 associates. "Their 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," according to Cognizant.
"We welcome the highly talented and experienced professionals of UBS ISC to Cognizant. This acquisition deepens our relationship with UBS and extends our leadership position in financial services," said Francisco D'Souza, president and chief executive officer, Cognizant. "This acquisition builds on our long-standing strategy of delivering sharply focussed business solutions and enhanced value to our clients in the financial services and capital markets industries."
"Cognizant's broad banking and financial services expertise and its cultural fit with UBS complement the competencies provided by the India service centre today, while providing technology capabilities that expand the services we can buy from India and support our cost savings, efficiency and flexibility objectives," said Ulrich Körner, group chief operating officer, UBS AG.
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009.
"We welcome the highly talented and experienced professionals of UBS ISC to Cognizant. This acquisition deepens our relationship with UBS and extends our leadership position in financial services," said Francisco D'Souza, president and chief executive officer, Cognizant. "This acquisition builds on our long-standing strategy of delivering sharply focussed business solutions and enhanced value to our clients in the financial services and capital markets industries."
"Cognizant's broad banking and financial services expertise and its cultural fit with UBS complement the competencies provided by the India service centre today, while providing technology capabilities that expand the services we can buy from India and support our cost savings, efficiency and flexibility objectives," said Ulrich Körner, group chief operating officer, UBS AG.
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009.
0 comments:
Post a Comment