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Dec 22, 2012
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Cognizant to buy 6 companies of Germany-based C1 Group; expects revenue to grow by 20%
Cognizant Technology Solutions said it was acquiring six IT consulting and services firms of the C1 Group, based in Hamburg, Germany, with a focus on manufacturing and logistics, energy and utlilities, and financial services. The acquisition strengthens Cognizant's presence in Europe, giving it a bigger footprint in Germany and Switzerland. The software firm, which is growing faster than any other in its group, will add 500 people as a result of the transaction. It did not disclose the terms of the deal.
In September, its nearest rival Infosy acquired Zurich-based Lodestone, an enterprise consulting comapny, for $ 350 million. Cognizant expects to grow its revenue by at least 20% to $7.34 billion in 2012. "Wtih this acquisition Cognizant meets two objectives --consulting capability and a local market presence in Germany and Switzerland," said an analyst with an overseas brokerage. In its peer group, Cognizant has the least exposure to Europe with close to 80% of its revenues coming from US.
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http://economictimes.indiatimes.com
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