New Jersey-based software services firm Cognizant, on Wednesday, announced that it had acquired Equinox Consulting, a Paris-based financial services consulting firm, as it looks to continue to strengthen its foothold in the heart of the continental European market.
While the financial details of the transaction were not disclosed, a Cognizant spokesperson said that the firm expected approximately $40 million in annualised revenue from the acquisition.
Cognizant, which has a majority of its employees in India, has been looking, for some time, to reduce its reliance on the North American market from which it derives over 70 per cent of its revenues. This acquisition comes almost a year after it bought six of the Germany-based C1 Group’s companies. Equinox provides business consulting services across investment banking, asset management, retail banking and specialized financial services-which will further help Cognizant’s integrated global platform for financial services clients to “run better.”
According to a company press release, under the terms of the agreement, nearly 160 consulting professionals will join Cognizant.
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“This strategic acquisition underscores our commitment to the French and European markets, and reinforces our position as one of the top consulting companies across the region,” said Francisco D’Souza, Chief Executive Officer of Cognizant, said in a statement.
Founded in 2004, Equinox is known for its deep regulatory consulting expertise. “The agreement announced today is a major step forward for us. International expansion and the ability to deliver broader consulting solutions to clients are critical for us,” said Jean-Francois Rigal, Chief Executive Officer of Equinox Consulting, in a statement.