Professional Services and Application Management Practices Will Further Expand Cognizant's Offerings for Finance and HR Advisory Cloud Services Implementation
TEANECK, N.J., Nov. 1, 2022 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) has entered into an agreement to acquire the professional services and application management practices of OneSource Virtual, a Workday partner based in Dallas, Texas. Acquiring these practices will complement Cognizant's existing finance and HR advisory implementation services with Workday, expanding capabilities in consulting, deployment, and post-deployment support across North America and the United Kingdom.
"Adoption and migration to the cloud to manage workflows is only accelerating, and the Workday platform ecosystem continues to be embraced as a critical tool to provide finance, HR, and other functions greater resiliency and agility. Acquiring the professional services and application management practices from OneSource Virtual enables Cognizant to expand our client offerings and provide end-to-end support in the business transformation journey," said Rob Vatter, Executive Vice President of Cognizant's Enterprise Platform Services. "We are pleased to be welcoming the talented professionals from OneSource Virtual who will join Cognizant in growing and expanding our Workday capabilities globally."
Cognizant will gain nearly 400 new employees upon closing of the acquisition, enhancing its expertise and number of professionals holding certifications in Workday implementation and support. Located throughout the United States, Canada, and the United Kingdom, these individuals will join Cognizant as part of its Collaborative Solutions team, the hub of Cognizant's Workday practice. Acquired by Cognizant in 2020, Collaborative Solutions is one of the longest-tenured Workday Services Partners.
"We believe that our shared value of customer centricity makes Cognizant the ideal home for our professional services and application management services businesses while we concentrate on the Business Process as a Service (BPaaS) division going forward," said Trey Campbell, Chief Executive Officer, OneSource Virtual. "We also believe customers will appreciate the way this sharpens the focus of the professional services, application management, and BPaaS teams and enables them to operate independently to speed up investment in new products and geographical expansion. In the end, what we are all about is providing growth and innovation for our customers, and we are confident that this will enhance our ability to do that more effectively."
"We are excited about Cognizant's acquisition of OneSource Virtual's professional services and application management practices," said Sam Alkharrat, Chief Partner Officer, Workday. "We look forward to continue partnering to help our customers embark on their digital transformation journeys and equip leaders with the finance and people insights they need to respond to shifting business needs."
The acquisition is anticipated to close by year-end 2022, subject to satisfaction of closing conditions. Financial details were not disclosed.
OneSource Virtual Professional Services Practice
OneSource Virtual Application Management Practice
About OneSource Virtual
OneSource Virtual is a leading provider of Workday Services, Solutions, and Products. Founded in 2008 in Dallas, Texas, OSV operates in North America and Europe to deliver outcomes that boost productivity, improve compliance, and increase internal capacity for over 1,300 customers around the world. Since its founding, OSV has been awarded numerous accolades and has a 98% retention rate. OSV's leadership teams are composed of highly experienced professionals in their respective fields. Together they offer the expertise and deep knowledge of the global marketplace to deliver comprehensive solutions and services for HR and Finance and Accounting.
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we're improving everyday life. See how at www.cognizant.com or @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, the accuracy of which are necessarily subject to risks, uncertainties and assumptions as to future events that may not prove to be accurate. These statements include, but are not limited to, express or implied forward-looking statements relating to expectations regarding the anticipated closing of the acquisition of professional services and application management practices of OneSource Virtual and the impact of such acquisition on the business and prospects of Cognizant. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the competitive and rapidly changing nature of the markets we compete in, the competitive marketplace for talent and its impact on employee recruitment and retention, legal, reputational and financial risks resulting from cyberattacks, changes in the regulatory environment, including with respect to immigration and taxes, and the other factors discussed in our most recent Annual 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.
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