IT services major Cognizant has acquired France-based Equinox Consulting, a financial services consulting firm, for an undisclosed amount, the company said in a release.
With this acquisition, Cognizant plans to strengthen its global consulting services and footprint in Europe.
Under the terms of the agreement, about 160 consulting professionals will join Cognizant.
"This acquisition underscores our commitment to the French and European markets and reinforces our position as one of the top consulting companies across the region. With this acquisition, Cognizant is even better positioned to help European clients," said Francisco D'Souza, CEO of Cognizant.
Founded in 2004, Paris-based Equinox Consulting provides business consulting services across investment banking, asset management, retail banking, insurance and specialised financial services. The firm is known for its regulatory consulting expertise, spanning Basel III, Solvency II, EMIR/Dodd-Frank, FATCA and MiFID, in addition to strategy consulting, organisation and operations management, change management, and HR consulting.
"The agreement is a major step forward for us. International expansion and the ability to deliver broader consulting solutions to clients are critical for us to continue our strong growth and provide greater opportunities for our employees," said Jean-Francois Rigal, CEO of Equinox Consulting.
Headquartered in Teaneck, New Jersey (US), Cognizant provides custom IT consulting and technology services, as well as outsourcing services in North America, Europe and Asia. It has over 50 delivery centres worldwide and approximately 164,300 employees as of June 30, 2013.
This acquisition will add the company’s existing presence in the financial services and insurance sector. The IT company has been expanding its presence worldwide for the last few years.
In December last year, Cognizant acquired six companies of German IT consulting and services firm C1 Group for an undisclosed amount.
In 2010, it acquired another French-based test consulting firm Galileo Performance and UK-based programme management firm PIPC for an undisclosed amount.
(Edited by Joby Puthuparampil Johnson)