TEANECK, New Jersey, December 7, 2021 / PRNewswire / – Cognizant (Nasdaq: CTSH) today announced that it has agreed to acquire Devbridge, a privately-held software consulting and product development company based in Chicago. Acquisition expands Cognizant’s software product engineering capabilities and global delivery footprint by adding more than 600 engineers, designers and product managers in Lithuania, Poland, United States, UK, and Canada.
Customers increasingly depend on custom software to create better customer experiences, bring new products to market, and transform their business models. Traditional application development is being replaced by agile and DevOps methodologies that enable a more product-centric and business results-oriented approach to software engineering. Devbridge’s cross-functional team of software product engineering professionals use collaborative techniques and proprietary tools to deliver product design and development, service design, software engineering maturity, data strategy and modernizing the legacy for their clients in financial services, healthcare, hospitality, logistics and manufacturing.
“Our customers need agile and transformative partners who can design and create new software products that directly interact with consumers and employees on their terms,” said Andres Angelani, senior vice president, director of product engineering. products at Cognizant. “Devbridge’s talented team of product and engineering professionals deliver high-end digital products, and we believe their expertise and experience will help our customers grow their business and brand.
Upon completion of the acquisition, Devbridge employees will become part of Cognizant Softvision, which develops personalized digital products and has a global presence with studios in United States, Romania, India, Philippines, Argentina, Ukraine, Canada and Mexico.
“Cognizant Softvision and Devbridge both use a product-centric approach to create results for customers, and our culture, team structures and company values are strongly aligned,” said Aurimas Adomavicius, President, Devbridge. “We are delighted to join Cognizant and gain access to its deep industry expertise and Global 2000 customer base, and to bring our capabilities in product design and engineering, strategy data, service design and workflow automation. ”
The transaction is expected to be finalized before the end of 2021, subject to the satisfaction of the closing conditions. Financial details were not disclosed. Since 2019, Cognizant has invested more than $ 2.5 billion in acquisitions that expand its offerings in digital engineering, data and artificial intelligence, cloud and Internet of Things, to provide customers with the capabilities to compete as digital businesses modern.
Devbridge is a digital products and technologies consultancy focused on business transformation and product development. Using cross-functional teams, Devbridge brings industry expertise and supports end-to-end product development. Capable of ramping up at any time, Devbridge gets the pilot product to market in three to six months. Devbridge has helped hospitals maximize staff utilization, logistics companies increase lane throughput, and enabled banks to use automated loan decision tools. Founded in 2008 and based in Chicago, Devbridge has a long history of delivering measurable results to global businesses in aviation, food, distribution, logistics, financial services, healthcare and manufacturing.
Cognizant (Nasdaq: CTSH) designs modern businesses. We help our clients modernize technology, reinvent processes and transform experiences so they can stay ahead in our rapidly changing world. Together, we improve everyday life. Find out how at www.cognizant.com or @cognizant.
This press release includes statements which may constitute forward-looking statements made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which is necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be precise. These statements include, without limitation, express or implied forward-looking statements relating to expectations regarding the early closing of the Devbridge Acquisition and the impact of the Devbridge Acquisition on Cognizant’s business and prospects. These statements are not promises or guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. . Existing and potential investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, changes in the regulatory environment, including with respect to immigration and taxes, and other factors discussed. in our most recent Annual Report on Form 10-K and other Securities and Exchange Commission filings. Cognizant assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
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