Cognizant Enters into Definitive Agreement to Acquire itaas
Cognizant (News - Alert), a provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses, is all set to acquire itaas (News - Alert), a digital video solutions company headquartered in Atlanta.
Founded in 1999, itaas has worked with hundreds of service providers, technology vendors, application developers and content providers to create and bring innovative software applications and services to the consumer. The company excels in translating a customer's idea into an innovative digital video service that can be widely deployed.
itaas provides unique software engineering experience and expertise in the development, testing, integration and deployment of digital video delivery across cable, IP, and wireless technologies on multiple platforms including HTML5, iOS, Android (News - Alert), and RDK.
Thanks to the acquisition, Cognizant will be able to capitalize on the growing demand for greater interactivity, higher personalization, and innovative content delivery in the multi-screen and video market.
Strategic acquisition is expected to expand Cognizant's multiplatform video capabilities.
"We welcome itaas' talented professionals to Cognizant," said Rajeev Mehta, chief executive officer of IT services at Cognizant, in a statement.
Mehta said that this acquisition continues the company’s long-standing strategy of acquiring sharply focused business capabilities that complement the company’s existing offerings.
“The company's strong client focus and deep business and technology insights into the entire video ecosystem, combined with Cognizant's global consulting and delivery capabilities, will create greater value for our mutual clients,” he said.
Mehta said that as multiplatform video becomes the new normal, new technologies create more empowered and savvy consumers, and more industry sectors look to harness the potential of video for customer interaction, this acquisition strengthens the company’s ability to help enterprises challenge the status quo, and create new business models in response to market shifts and competitive pressures in their industry segments.
Vibha Rustagi (News - Alert), president and CEO AT itaas, said that Cognizant's global reach, experience, and entrepreneurial culture will offer the company’s current and future customers greater scale, a broader range of services, comprehensive solutions, and world-leading consulting and delivery expertise.“International expansion is critical for us to continue our strong growth and provide greater opportunities for our employees. With a shared commitment to client satisfaction and delivery excellence, we can drive future diversification based on our combined strengths,” said Rustagi.
Edited by Rory J. Thompson