Chennai: Nasdaq-listed information technology major Cognizant Technology Solutions (CTS) Friday announced that it has entered into a definitive agreement to acquire six companies of the German based C1 group for an undisclosed sum.
According to a statement issued by CTS, the six companies focus on three industry segments: manufacturing and logistics, energy and utilities, and financial services.
Under the terms of the agreement, about 500 professionals across multiple locations in Germany and Switzerland will join CTS.
“This strategic acquisition underscores our commitment to the German and the larger European markets, and reinforces our position as one of the top consulting and IT services companies across the region,” the statement quoted CTS CEO Francisco D’Souza as saying.
Subject to the satisfaction of certain closing conditions and regulatory approvals, the transaction is expected to close in the first quarter of 2013.