Software services firm Cognizant, on Thursday, said it would acquire ValueSource NV, a subsidiary of Belgium-based insurance group KBC, as it looks to strengthen its execution capabilities in the heart of continental Europe.
The acquisition, whose financial details were not disclosed, is a part of a five-year deal that will see Cognizant deliver application development, maintenance and testing services to KBC.
According to a company press release, about 170 ValueSource employees will transfer to Cognizant.
“Cognizant will help KBC unlock incremental efficiencies from its critical business systems, and leverage those savings to fund strategic initiatives and drive future growth,” said Santosh Thomas, Senior Vice-President and Head of Continental Europe and Asia-Pacific for Cognizant, in a statement. “We look forward to helping transform the way KBC operates and create a reliable and flexible system,” he added.
This is the second acquisition by the New Jersey-based IT services firm in as many days.
