Cognizant acquires UBS's BPO unit in Hyderabad
New Delhi, Oct 16: Cognizant has announced that it has inked a deal with the financial services provider, UBS Group to acquire its Hyderabad-based BPO unit.
The Nasdaq-listed IT company which made this announcement on Thursday, Oct 15, did not reveal financial details of the agreement.
However, quoting sources, media reports suggest that the deal is worth around 72 to 75 million dollars.
Under this multi-year services pact, Cognizant said that it will be providing business process outsourcing (BPO), knowledge process outsourcing (KPO), IT and remote infrastructure management services to UBS divisions globally.
The UBS unit, called UBS India Service Centre (UBS ISC) with a work force of about 2,000 associates will be also be under Cognizant, the company's statement on the deal read.
Under the deal, the company also hopes to gain from UBS ISC"s skills in wealth management, investment banking, asset management, research, and remote IT infrastructure management.