IT consulting firm Cognizant has announced the acquisition of Equinox Consulting.
The purchase of the Paris-based financial services firm is hoped to strengthen Cognizant’s presence in Europe, and while the value of the deal was not disclosed, it is expected to bring in an additional $40m in annual revenue.
Under the terms of the agreement, about 160 consulting professionals will join Cognizant from Equinox, which has made seven similar buyouts to bridge gaps in its services in the last three years.
"We look forward to welcoming Equinox Consulting’s talented professionals," said Francisco D’Souza, CEO at Cognizant. "With this acquisition, Cognizant is even better positioned to help European clients challenge the status quo and unleash new potential across their organisations by creating new business and IT models in response to secular shifts in the economy and technology."
Equinox called the sale a "major step forward", with CEO Jean-Francois Rigal adding: "International expansion and the ability to deliver broader consulting solutions to clients are critical for us to continue our strong growth and provide greater opportunities for our employees."
The firm provides business consulting services across investment banking, asset management, retail banking, insurance, and specialized financial services.
Cognizant announced in August a 20.4% rise in revenues, which the company put down to "healthy demand" for its outsourcing products.
