Overview:
On 1 November 2022, Cognizant announced that it had entered into an agreement to acquire the professional services and application management practices of Dallas, TX-based Workday partner, OneSource Virtual for c.120m.
The acquisition will enhance Cognizant’s finance and HR advisory cloud implementation service offerings.
About Cognizant:
Cognizant is a leading global IT and professional services company. It engineers modern businesses, helping its clients modernize technology, reimagine processes and transform experiences, enabling them to stay ahead of the curve.
It is headquartered in Teaneck, NJ and has over 349,000 employees across offices worldwide.
About OneSource Virtual:
Founded in 2008, OneSource Virtual is a Workday services, solutions and products company. Its professional services and application management practices provide Workday implementation and support services.
The practices combined have c.400 employees across the US, Canada and the UK.
The company is headquartered in Dallas, TX.
Rationale of the transaction:
OneSource Virtual’s professional services and application management practices will bolster Cognizant's existing finance and HR advisory implementation services with Workday, expanding its capabilities in consulting, deployment, and post-deployment support across North America and the UK.
Professionals from OneSource Virtual will join Cognizant’s Collaborative Solutions team, the core of Cognizant's Workday practice.
"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 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.
The Chesapeake Group was not an advisor in this transaction.
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