World leading IT corporation Cognizant acquired Romanian digital company Softvisiton, the multinational corporation announced this Thursday. Even though Reuters reported the week before that the takeover is worth €478.16M the official sum, for now, remains undisclosed. What is known so far is that the transaction will be closed in the fourth quarter of 2018 and that Cognizant plans to use Softvision brand following the acquisition.
With Artificial Intelligence & Analytics being a core service for Cognizant, this acquisition is set to reinforce Cognizant’s deliverance in this areas and speed up its solution delivery procedure thus attracting even more customers. Moreover, Softvision will strengthen Cognizant’s capabilities in virtual reality, IoT (Internet of Things) and human science.
“Softvision’s unique culture, talented people, and agile model of small, multi-disciplinary client teams, fits well with Cognizant’s collaborative approach of innovating with clients to tackle complex, mission-critical business initiatives”, says Gajen Kandiah, President at Cognizant Digital Business.
“Extending Softvision’s approach to digital engineering, integrated cross-functional teams, agile culture, and talent development across our own teams is a key element of our strategy. This synergy, together with Cognizant’s deep technology and industry expertise, will enable us to deliver custom cloud-based software and platforms better and faster, helping more clients transform their businesses to become digital leaders.”
Founded in 1994 by Romanian Laurentiu Russo, Softvision is leading the digital transformation of global enterprise brands, now leveraging a network of 2,800 product, design and engineering professionals, throughout 27 studios, in 11 countries and 5 continents. Their uniquely gamified approach to organizing teams into pods made of cross-functional guild members, helps their clients evolve talent, process, and technology while creating the most impactful custom digital experiences. According to the company data, Softvision works with Fortune 500 clients in financial services, retail, consumer products, healthcare and other industries.
“This is an exciting next step in our evolution started 20 years ago in Romania servicing cutting-edge technology companies and scaling to work with the world’s top brands,” said Softvision Founder and CTO Laurentiu Russo.
“By joining forces with Cognizant, we can combine our unique engineering, design and digital product development approach with Cognizant’s scale and digital expertise in areas like artificial intelligence, virtual reality, IoT, human science and others to provide even more innovative solutions and impactful experiences,” said, Andres Angelani, Softvision’s CEO.
In the personal note following the announcement of the acquisition, Angelani states that Softvision will become an epicenter of core digital talent, development, innovation and methodologies within Cognizant Digital Business.
“Softvision will maintain its existing structure, leadership team, and brand. We will operate as the focal point for new digital product development in the North American market, where Cognizant and Softvision do the majority of their business today.”
Founded as well in 1994, Cognizant is one of the world’s leading professional services companies, transforming clients’ business, operating and technology models for the digital era. Their unique industry-based, the consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 195 on the Fortune 500 and is consistently listed among the most admired companies in the world.