IT services major Cognizant Technology Solutions Corp has entered into a definitive agreement to acquire itaas, a digital video solutions company headquartered in Atlanta, Georgia, for an undisclosed amount.
The acquisition will enable Cognizant to capitalise on the growing demand for greater interactivity, higher personalisation and innovative content delivery in the multi-screen and video market.
"This acquisition continues our long-standing strategy of acquiring sharply focused business capabilities that complement our existing offerings. 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," said Rajeev Mehta, chief executive officer, IT Services, of Cognizant.
He said," As multiplatform video becomes the new normal, new technologies create more empowered and savvy consumers, and more industry sectors look to harness the potential of video for customer interaction, this acquisition strengthens our ability to help enterprises challenge the status quo, and create new business models in response to market shifts and competitive pressures in their industry segments,"
Founded in 1999, itaas provides unique software engineering experience and expertise in the development, testing, integration and deployment of digital video delivery across cable, IP, and wireless technologies on multiple platforms, including HTML5, iOS, Android and RDK.
Besides the US, itaas has R&D facilities and QA laboratories for product development in India and Canada.
"Cognizant's global reach, experience and entrepreneurial culture will allow us to offer our current and future customers greater scale, a broader range of services, comprehensive solutions and world-leading consulting and delivery expertise. The agreement is a major step forward for us. With a shared commitment to client satisfaction and delivery excellence, we can drive future diversification based on our combined strengths," said Vibha Rustagi, president and CEO, itaas.
Headquartered in Teaneck, New Jersey (the US), Cognizant provides IT consulting and technology services, as well as outsourcing services in North America, Europe and Asia. It has over 50 delivery centres worldwide and approximately 171,400 employees as of December 31, 2013.
Last October, Cognizant acquired France-based Equinox Consulting, a financial services consulting firm, for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)