Cognizant, a provider of consulting, technology, and business process outsourcing services, has entered into a definitive agreement to acquire the UBS Group’s Hyderabad, India-based captive service provider UBS India Service Centre (UBS ISC), which currently employs about 2000 associates.
As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT and remote infrastructure management services to UBS divisions around the globe to enable them to reduce time-to-market, expand service delivery, and enhance productivity, operational efficiency, and quality.
Cognizant said that the UBS ISC’s capabilities in wealth management, investment banking, asset management, research, and remote IT infrastructure management will help strengthen its business and knowledge process capabilities, financial services domain knowledge, and enhance its capabilities to provide integrated services across consulting, technology, and outsourcing, the company said.
Francisco D’Souza, president and CEO of Cognizant, said: “This acquisition deepens our relationship with UBS and extends our leadership position in financial services. This acquisition builds on our long-standing strategy of delivering sharply focused business solutions and enhanced value to our clients in the financial services and capital markets industries.”
Subject to the satisfaction of certain closing conditions, the transaction is expected to close around the end of 2009, the company said.
