Cognizant announced on Thursday it has agreed to buy digital engineering and consulting company Softvision. Last week, news agency Reuters had reported that Cognizant was in talks to buy private equity-owned Softvision for $550 million.
Softvision, with more than 2850 creative technologists, is a Romanian based company founded by Laurentiu Russo, a Romanian currently a San Francisco resident.
“Softvision’s unique culture, talented people, and agile model of small, multi-disciplinary client teams, fits well with Cognizant’s collaborative approach of innovating with clients to tackle complex, mission-critical business initiatives.” Gajen Kandiah, President, Cognizant Digital Business, said in a statement, according to Economic Times.
Cognizant plans to continue using the Softvision brand following the acquisition. The transaction in expected to close in the fourth quarter of 2018.Softvision, founded in 1994 in Cluj Napoca, Romania, consults for large companies on technology products.
The acquisition would be the third of the year, after Cognizant bought consulting firm SaaSfocus and Hedera Consulting.