To boost its presence in northern Europe, Cognizant Technology Solutions Corporation has announced the acquisition of Norway-based IT solutions provider, Frontica Business Solutions, for nearly $128 million.
Reportedly, Frontica had a backlog worth 5.1 billion Norwegian Krone at the end of its last reported quarter driven by important agreements with its key clientele. Frontica is a subsidiary of Norwegian oil investment services company, Akastor ASA.
In a statement, Cognizant’s President, Global Growth Markets, stated “The acquisition helps us strengthen our oil and gas industry expertise, expand our presence in key markets, and deepen and broaden our service portfolio for our clients. Frontica will play a key role in helping us realize these benefits through their specialized capabilities in serving the oil and gas industry.”
Acquisitions have been a key growth catalyst for Cognizant. In January this year, Cognizant acquired KBACE Technologies, which specializes in cloud strategy, implementation and integration. It will aid in expanding the company’s advanced IT capabilities, especially for Cloud and SaaS offerings. Also, it bought a 49% stake in ReD Associates that specializes in understanding customer behavioral pattern and applying the same to business strategy. Recently, the company also declared its plans to acquire Idea Couture, which will be integrated with Cognizant Digital Works.
Earlier, the company completed the acquisitions of TriZetto, iTask, Cadient, Odyssey and itaas. The company has not only gained new customers from these buyouts but also expanded its capabilities in the healthcare industry and enhanced its overall digital delivery capabilities. Among these, TriZetto happens to be Cognizant’s largest acquisition to-date. The company spent $2.8 billion to acquire the healthcare IT solutions provider to develop, license, implement and support proprietary and third-party software products for the healthcare industry. Currently, the combined entity generates more than $3 billion in revenues from the healthcare sector.
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