Software-services firm Cognizant,which has most of its employees based in India,on Wednesday said that it has acquired French financial services company Equinox Consulting for an undisclosed amount. From this acquisition,the Nasdaq-listed IT major expects about $40 million in annualised revenue.
Equinox Consulting provides business consulting services across investment banking,asset management,retail banking,insurance and specialised financial services.
With this acquisition,Cognizant plans to strengthen its global consulting services and local footprint in Europe. According to the deal,about 160 consulting professionals from Equinox will join Cognizant. Overall in Europe,Cognizant has over 5,300 employees,including about 3,000 professionals across the UK and Ireland.