Consulting, technology and business process outsourcing services company Cognizant has agreed to acquire UBS India Service Centre Private Limited, the Hyderabad-based captive service provider to the UBS Group.
As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe.
The arrangement will enable UBS to reduce time-to-market, expand service delivery, and enhance productivity, operational efficiency, and quality, Cognizant said in a release.
The UBS service centre, which is engaged in businesses including wealth management, investment banking, asset management, research, and remote IT infrastructure management, currently employs around 2,000 associates.
The acquisition will help Cognizant strengthen its business and knowledge process capabilities, deepen its financial services domain knowledge, and enhance its capabilities to provide integrated services across consulting, technology, and outsourcing, the release said.
"We welcome the highly talented and experienced professionals of UBS ISC to Cognizant. This acquisition deepens our relationship with UBS and extends our leadership position in financial services," said Francisco D'Souza, president and CEO, Cognizant. "This acquisition builds on our long-standing strategy of delivering sharply focused business solutions and enhanced value to our clients in the financial services and capital markets industries," he added.