Cognizant Technology Solutions will acquire six companies of the C1 Group, an independent consulting and IT services firm based in Hamburg, Germany.
While the value of the deal was not disclosed, Cognizant expects an annualised revenue of around $100 million from the acquisition, said a company spokesperson.
The companies focus on three industry segments - manufacturing and logistics, energy and utilities, and financial services.
About 500 professionals across multiple locations in Germany and Switzerland will join Cognizant, a US-based software company with development centres in India.
The transaction is expected to close in the first quarter of 2013, says a press release issued by Cognizant. Known for their client-centric and innovative business culture, these companies bring to Cognizant expertise in consulting, enterprise application services (specifically SAP), and high-end testing services that range from test consulting, strategy and design to implementation.
Incidentally, in September 2011, Cognizant acquired the US-based Zaffera, which was also into SAP consulting but in the retail sector.
Cognizant has grown in continental Europe at an annual growth rate of 32 per cent over the last five years. In the quarter ending September of 2012, UK grew sequentially by 6.9 per cent and continental Europe grew by 7.4 per cent, says the release.
raja.simhan@thehindu.co.in