Overview:
On August 25, 2020, Cognizant announced that it had entered into an agreement to acquire Tin Roof Software, a privately-held custom software and digital product development services company.
The transaction is expected to close in the second half of 2020. Financial details were not disclosed.
About Cognizant:
Headquartered in Teaneck, NJ, Cognizant is one of the world's leading professional services companies.
Ranked 194 on the Fortune 500 list of companies, its unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses.
About Tin Roof Software:
Founded in 2014, Tin Roof Software is a custom software and digital product development services company. It provides software design, development, DevOps, and delivery services.
It has clients across telecom, media and entertainment, financial services, retail, hospitality, consumer products, travel, logistics, and transportation verticals. Its clientele includes Fortune 500 companies.
In 2019, Tin Roof was named to Inc. Magazine's Inc. 5000 list. Over the past four years, Tin Roof has also won the Atlanta Business Chronicle Pacesetter Award as one of the Top 100 fastest-growing private companies in Georgia. In addition, Tin Roof has been recognized by the Atlanta Journal-Constitution as one of Atlanta's Top 150 Workplaces.
It is headquartered in Atlanta, GA and has an additional office in Dallas-Fort-Worth, TX.
Transaction Rationale:
The acquisition will expand Cognizant's software product engineering footprint in the U.S. and connect Tin Roof's experts with Cognizant's broader global software development capabilities.
In 2018, Cognizant acquired Austin, Texas-based Softvision, a leader in developing custom digital products using unique collaborative engineering methods. Upon completion of the transaction, Tin Roof's experts will join Cognizant Softvision.
Commenting on the transaction, Malcolm Frank, President, Digital Business, Cognizant said, “To compete effectively, clients are replacing traditional application development with digital engineering to build leading-edge, consumer-grade experiences and infuse software into their products, services, and customer experiences. Cognizant is investing to compete and win in digital engineering, one of our strategic priorities. Tin Roof's exceptional software product development and agile teams share our philosophy of customer-centricity and will strengthen our network of engineering talent in the U.S. We look forward to welcoming Tin Roof's software product engineering experts to Cognizant.”
The Chesapeake Group was not an advisor to either party in this transaction.