TEANECK, N.J., Jan. 27, 2016 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has acquired privately-held KBACE Technologies, Inc., a global consulting and technology services company specializing in cloud strategy, implementation and integration. The Nashua, New Hampshire-based firm has one of the largest reference bases of Oracle Cloud Applications customers in the world and is a leading Oracle Cloud partner. The terms of the transaction were not disclosed.
The acquisition strengthens and expands Cognizant's digital capabilities as more clients move critical business applications to cloud-based IT infrastructures to reduce costs and complexity and improve business agility. As part of the acquisition, approximately 400 KBACE consultants and implementation experts across industry and business functions will become part of Cognizant.
The combined capabilities will further enable Cognizant to help clients become intuitively digital by using the cloud to derive new insights, unlock new opportunities and lower costs through a subscription-based business model.
"The addition of KBACE technologies and expertise in delivering SaaS digital solutions accelerates Cognizant's cloud strategy and consulting services, provides our clients with access to significant platform expertise and puts us at the forefront of Oracle Cloud partners and technology consultants worldwide," said Allen Shaheen, Executive Vice President, Cognizant. "KBACE consultants are some of the most talented and experienced in the industry with many regarded as the predominant subject matter experts in their area."
"As our mutual clients compete in the digital economy, SaaS applications are the enabling technology foundation for enterprises of all sizes," said Mike Peterson, Chief Operating Officer and President, KBACE. "Joining forces with Cognizant provides KBACE with the experience, strategic thinking and resources to grow our cloud practice and further strengthen our relationship with Oracle to meet the needs of current and prospective clients worldwide."
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 219,300 employees as of September 30, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our expectations regarding the impact of our acquisition of KBACE Technologies, Inc., the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Quarterly Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.