Outsourcer Cognizant acquiring UBS' Indian subsidiary

UBS decides to outsource IT and back office work rather than run its own subsidiary

Outsourcer Cognizant Technology Solutions said on Thursday that it has signed a definitive agreement to acquire the Indian IT and BPO (business process outsourcing) services subsidiary of UBS, a large European financial services firm.

Cognizant said in a filing to the U.S. Securities and Exchange Commission (SEC) on Thursday that it was paying about US$75 million for UBS' Indian subsidiary, which would be funded from the company's current cash reserves.

Subject to certain conditions, the transaction is expected to close in December, Cognizant said.

To continue reading, register here and become an Insider. You'll get free access to premium content from CIO, Computerworld, CSO, InfoWorld, and Network World. See more Insider content or sign in.

The IDG News Service is a Network World affiliate.