IT services firm Cognizant, on Tuesday, announced that it had entered into a definitive agreement to acquire itaas, a U.S.-based digital video solutions firm.
According to a press release, the acquisition, whose financial details were not disclosed, would help the New Jersey-based IT firm beef up its capabilities in the lucrative media, communications and high-technology verticals.
Founded in 1999, itaas, which has a predominantly Indian-origin populated board, helps cable and telecommunications companies deliver a range of digital video services across traditional network environments such as cable and broadcast and on consumer devices such as smartphones and tablets.
“This acquisition continues our long-standing strategy of acquiring sharply focused business capabilities that complement our existing offerings,” said Rajeev Mehta, Chief Executive Officer of IT Services at Cognizant, in a statement.
“The company’s strong client focus and deep business and technology insights into the entire video ecosystem, combined with Cognizant’s global consulting and delivery capabilities, will create greater value for our mutual clients,” he added.
Itaas currently has around 200 professionals as well as testing and development centres in U.S., Canada and India.