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Cognizant obtains Frontica for $128 Million

Multinational company Cognizant Technology Solutions Corp just recently made an agreement to buy Norwegian IT and BPO services provider Frontica for $128 million.

Cognizant is looking to expand their services in Northern Europe. In an article by Near Shores Americas, they explained that this is a very strategic move on comapny’s part.

Cognizant says it would expand Frontica’s business into new segments and geographies going forward. “Together, we will create even greater value for our clients in the Nordics and other geographies,” said Cognizant’s senior executive Santosh Thomas.

Frontica offers IT solutions in the oil and gas space. They have several delivery centers in Brazil, Malaysia, UK and the United States. They serve as an IT unit  for their parent company, Norway based, Akastor. As of right now, Frontica employs more than 1,000 employees.

“The acquisition helps us strengthen our oil and gas industry expertise, expand our presence in key markets, and deepen and broaden our service portfolio for our clients. Frontica will play a key role in helping us realize these benefits through their specialized capabilities in serving the oil and gas industry,” Santosh Thomas, President Global Growth Markets at Cognizant said in the statement.

Akastor is just only starting to turn Frontica from from an internally-focused shared service unit into a commercial provider of ITO and BPO services within the oil and gas industry.

 

This is the third acquisition made by Cognizant Technology Solutions Corp this year. In expanding their customer services further, they bought US-based digital services firm Idea Couture and cloud services firm KBACE Technologies. Also, they bought a 49% stake in ReD Associates that specializes in identifying customer behavioral pattern.


Sources:

Nearshoreamericas.com has an article about this acquisition. Read it here.

Economictimes.indiatimes.com also discusses this buyout. Read it here.

Businessinsider.in also has an article about that. Read it here.

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