October 4 (SeeNews) - US-based IT services provider Cognizant said on Thursday that it has entered into a definitive agreement to acquire Softvision, a Romanian-born privately-held digital engineering and consulting company.
The transaction is expected to close in the fourth quarter of 2018, the two companies said in a joint press release without disclosing financial details of the deal.
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Cognizant plans to continue using the Softvision brand following the acquisition.
"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," Softvision CEO, Andres Angelani, said.
The combination of capabilities from Softvision and Cognizant creates one of the top digital engineering companies in the world and a leader in software product development, according to the parties to the deal.
With a significant presence in the digital engineering hub of Romania, Softvision's network includes over 2,850 creative technologists.
"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, said.
Sotvision was founded 20 years ago in Romania by two entrepreneurs. With over 2,850 product, design and engineering professionals, across a network of 25 studios in 11 countries and 5 continents, Softvision creates end to end digital products and solutions. Among its clients are world's leading brands such as Estee Lauder, Groupon, Macy's, Mozilla, and Kaiser Permanente.
Cognizant is a multinational corporation that provides IT services, including digital, technology, consulting, and operations services.
Cognizant is ranked 195 on the Fortune 500, an annual list compiled and published by Fortune magazine that ranks 500 of of the largest United States corporations by total revenue for their respective fiscal years.