Aussie consulting, business transformation and IT services provider, Adaptra, is set to be snapped up by IT, consulting, and business process services provider, Cognizant.
The two companies revealed on 16 December that they have entered into an agreement that will see the US-based Cognizant acquire the Sydney-based IT services provider.
Adaptra, founded in 1998, specialises in consulting, programme management, and implementation of core platforms, such as Guidewire, in the financial services sector. It has an associate team of over 100 project and program management professionals.
According to Cognizant, Adaptra works with five of the top 10 insurers in Australia and New Zealand, providing platform advisory and implementation services.
The acquisition of the local company is aimed at further strengthening Cognizant’s insurance, business transformation and platform capabilities. It is understood that approximately 100 Adaptra professionals will join Cognizant as part of the acquisition. However, the terms of the transaction have not been disclosed.
"Adaptra's high-end business transformation and Guidewire expertise will complement our deep digital business, operations and systems capabilities, and further enhance our integrated solutions spanning the insurance life cycle,” said Cognizant head of Asia Pacific, Jayajyoti Sengupta.
“We welcome Adaptra's talented professionals to Cognizant and are confident that our combined strengths will help insurers navigate the shift to the digital economy," he said.
For Adaptra managing director, Peter Overton, becoming a part of Cognizant “uniquely positions” the local company for new growth opportunities across newer technologies and industries.
"Cognizant's global experience, deep digital capabilities, and entrepreneurial culture will enable us to deliver broader transformational solutions to insurers,” Overton said.
“This is critical for us to provide greater opportunities for our employees. With our shared commitment to helping insurers navigate the shift to the digital economy, we can drive future diversification and deliver high-value solutions based on our combined strengths," he said.
In Australia, Cognizant has offices in Melbourne and Sydney, and more than 850 employees. In September, the company revealed plans to establish a Cognizant Digital Business Collaboratory in Melbourne.
The proposed collaboration centre, which is expected to be operational by early next year, is aimed at providing a dedicated space for open collaboration between Cognizant and other stakeholders, including partners, to design, prototype, and build new digital solutions.