Cognizant (CTSH) to Acquire AustinCSI
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Cognizant (NASDAQ: CTSH) today announced it has entered into an agreement to acquire AustinCSI, a premier digital transformation consultancy specializing in enterprise cloud and data analytics advisory services. This acquisition complements Cognizant's technology prowess and vertical industry expertise, enriching its advisory capabilities for delivering comprehensive digital strategy as well as innovative solutions to clients.
"Client demand for end-to-end digital strategy and industry-specific solutions continues to accelerate," said Michael Valocchi, Senior Vice President, Head of Cognizant Consulting and Americas Strategy. "AustinCSI has built a stellar reputation by improving business outcomes for some of the world's most recognizable brands, particularly in the telecommunications, media, technology and automotive sectors, markets where Cognizant is also strong. We look forward to welcoming AustinCSI's talented experts to our team and further enriching the value we're providing to our clients as they embrace cloud, AI, data analytics, and other advancing technologies."
Based in the technology hub of Dallas, Texas, AustinCSI provides consulting services for Fortune 500 clients across industries. The privately held company has more than 175 consultants who design and deliver cloud and automation solutions, leveraging data to help businesses improve their decision-making and deliver better customer experiences and business outcomes.
"We're excited by the opportunity to become part of Cognizant and combine our strengths in delivering advanced and transformative technologies to clients," said Karen Moree, CEO and Co-Founder, AustinCSI. "Together, we can provide more impact for our current clients with broader capabilities in emerging digital technologies and reach a wider market leveraging Cognizant's global scale."
Adding AustinCSI's enterprise cloud and data analytics expertise supports Cognizant's strategic focus on expanding its Consulting practice and advisory capabilities to provide clients with end-to-end digital transformation strategy and industry-led solutions. Cognizant also continues to invest in expanding capabilities in four key technology areas: data and artificial intelligence, cloud, digital engineering, and Internet of Things.
The transaction is expected to close in the fourth quarter of 2022, subject to satisfaction of closing conditions. Financial details were not disclosed.
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