Cognizant to acquire CoreLogic India ops for USD 50m
Wednesday, 27 July 2011, 21:55 IST
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Cognizant, a leading provider of information technology, consulting, and business process outsourcing services, would acquire India-based captive operations of CoreLogic Global Services for USD 50 million. Cognizant and CoreLogic,a leading provider of information, analytics, and business services, today announced a definitive agreement in this regard. "The purchase price will consist of a cash payment of approximately USD 50 million, plus adjustments for working capital and other charges or credits which will be determined at closing", a joint statement said. As part of the transaction,CoreLogic and Cognizant would enter into a services agreement with a minimum revenue commitment of USD 324 million, plus applicable inflation adjustments, over five years with various renewal and extension rights, under which Cognizant would provide a range of services to CoreLogic globally. Together,the companies expect to provide end-to-end business process and analytics solutions across the mortgage value chain. CoreLogic India,whose approximately 4,000 associates would become employees of Cognizant at closing, provides, among others, capabilities in software product development and technology support to CoreLogic and its customers, primarily in the US mortgage and real estate markets. CoreLogic India, founded in 1994, maintains offices in Bangalore, Hyderabad, and Mangalore. The statement said as one of the largest real estate information and analytics provider in the US market, CoreLogic brings deep relationships in data, analytics, and business and information services capabilities. Subject to the satisfaction of certain closing conditions, the transaction is expected to close next month.
Source: PTI
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