Cognizant Announces $50M Deal to Acquire CoreLogic India
A leading provider of information technology, consulting, and business process outsourcing services, Cognizant (News - Alert), has announced a $50 million deal to acquire CoreLogic Global Services Private Limited (CoreLogic India), the India-based captive operations of CoreLogic, a leading provider of consumer, financial and property information, analytics and services to business and government.
CoreLogic and Cognizant will enter into a services agreement with a minimum revenue commitment of nearly $325 million over five years with various renewal and extension rights, under which Cognizant will provide CoreLogic a range of services globally.
"We welcome CoreLogic India's talented professionals to Cognizant,” said Francisco D'Souza, President and CEO of Cognizant, in a release. “Their deep capabilities in domain-centric back-office services, software product development, and analytical modeling, combined with Cognizant's domain-aligned technology and business process expertise, will create greater value for our mutual financial services clients and enable the delivery of sophisticated analytics and next-generation business process solutions to market.”
"This acquisition continues our long-standing strategy of acquiring for capabilities, and the strategic relationship with CoreLogic enables us to better serve the rapidly evolving mortgage industry globally."
The companies will jointly provide end-to-end business process and analytics solutions across the mortgage value chain. CoreLogic India’s nearly 4,000 employees will become employees of Cognizant at closing.
The deal is expected to be finalized next month.
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John Lahtinen is Community Development Editor for TMCnet. He has more than 15 years of combined professional and educational experience involving news, education, and marketing. John holds a master's degree in journalism from the S.I. Newhouse School of Public Communications at Syracuse University and a bachelor's degree in English from the State University of New York at Plattsburgh. To read more of his articles, please visit his columnist page.
Edited by John Lahtinen