Cognizant today announced the acquisition of
Odecee, a leading provider of digital solutions to enterprises in the Australia and New Zealand region. The terms of the transaction were not disclosed.
Founded in 2007, Odecee delivers leading-edge enterprise mobility, web and cloud solutions to marquee clients in the financial services, insurance, healthcare, logistics, and communications industries. This acquisition further strengthens Cognizant's digital business transformation expertise and expands its portfolio of tools and services to help clients create digital enterprises that capitalize on new business models, drive innovative products and services, enhance workforce productivity, and improve customer experience.
As part of this acquisition, approximately 150 digital specialists with expertise across enterprise mobile, web and cloud services will join Cognizant. This acquisition also brings to Cognizant intellectual
property such as Velocedee, a platform that helps centralize highly secure mobile applications and enables rapid implementation of core business processes across a wide range of mobile devices.
"This strategic acquisition underscores our commitment to the local market and our focus on strengthening our digital capabilities," said John Burgin, Regional Head for Australia and New Zealand,
Cognizant. "Rapid consumerization of technology is driving business reinvention across industries and blurring the distinction between the physical and the digital worlds. As businesses become increasingly technology-intensive and physical processes get instrumented and digitized, our strong portfolio of services, coupled with our aggressive investments in SMAC (social, mobile, analytics and cloud) technologies, will help clients drive meaningful change and build ever more connected, collaborative, and real-time businesses. We welcome Odecee’s talented professionals to Cognizant and look forward to leveraging our combined strengths to empower clients to address the needs of the digital era.”
"This is a strategic step forward for us and opens up a significant growth opportunity for us across newer technologies and industries,” said Con Mouzouris, Co-founder and Managing Director of Odecee. "Becoming a part of Cognizant will enable us to expand our capabilities, services and exposure, while ensuring the long-term vitality and sustainability of the business. The remarkable success of Odecee, like Cognizant, is built on the foundation of customer satisfaction, deep expertise, exceptional talent, and the ability to deliver best-of-breed solutions. Expansion is critical for us to continue our strong growth, develop better solutions for our current and future customers, and provide greater opportunities for our employees. Our clients will now benefit from an expanded pool of specialized skills, global experience, and industry-acclaimed best practices.”
About Odecee
Odecee is a specialist in enterprise mobile, web and cloud services, including application development, performance management/engineering, DevOps and technology consulting. Odecee's team of approximately 150 people have the expertise and experience to deliver proven solutions with speed and certainty; at the same time, the company invests heavily in generating and developing creative new ideas that help customers identify and solve problems, realize business objectives and get an advantage over competitors. Since its beginning in 2007, Odecee has experienced substantial growth and received significant recognition, with over 200 projects successfully delivered, and a slew of industry acknowledgements, including the 2014 Australia Design Awards and BRW's Most Innovative Companies list.
Over Cognizant
Cognizant (NASDAQ: CTSH) is een vooraanstaande dienstverlener in informatietechnologie, consultancy en business process outsourcing-services. Cognizant werkt in nauw partnerschap met ’s werelds grootste organisaties om hun concurrentiepositie te versterken. Het hoofdkantoor is gevestigd in Teaneck, New Jersey (Verenigde Staten). Cognizant combineert een passie voor klanttevredenheid, technologische innovatie en diepgaande industrie- en bedrijfsproceskennis met een wereldwijd samenwerkend personeelsbestand. Cognizant heeft wereldwijd meer dan 75 delivery centers en ongeveer 199.700 werknemers (per 30 september, 2014). Cognizant heeft een NASDAQ-100 en S&P 500-notering en is verder genoteerd in de Forbes Global 2000 en Fortune 500. De organisatie behoort hiermee tot de best presterende en snelstgroeiende bedrijven in de wereld. Bezoek onze website
www.cognizant.com of volg ons via Twitter:
@Cognizant.
Forward-Looking Statements This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, our expectations regarding opportunities in the marketplace, and our anticipated use of $1.7 billion of cash and $1 billion of debt to fund the acquisition of TriZetto,the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk that we may not be able to close the acquisition of TriZetto, and the factors discussed in our most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
About Non-GAAP Financial Measures
To supplement our financial results presented in accordance with GAAP, this press release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: non-GAAP operating margin and non-GAAP diluted earnings per share ("non-GAAP diluted EPS"). These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP. The reconciliations of Cognizant's GAAP financial measures to the corresponding non-GAAP measures should be carefully evaluated. With respect to our expectations in the "2014 Outlook – Fourth Quarter and Full Year" section above, reconciliation of non-GAAP diluted EPS guidance to GAAP diluted EPS cannot be provided without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to net non-operating foreign currency exchange gains or losses which are excluded from the non-GAAP diluted EPS.
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