Cognizant to acquire Jaswinder S Chadha founded marketRx
By siliconindia   |   Friday, 19 October 2007, 19:30 IST
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Chennai: Cognizant Technology Solutions (NASDAQ: CTSH), a provider of global IT and business process outsourcing services, today announced that it has signed a definitive agreement to acquire NJ-based marketRx, Inc. The Jaswinder (Jassi) S Chadha, founded marketRx, is a provider of analytics and related software services to global Life Sciences companies in the pharmaceutical, biotechnology and medical devices segments. Cognizant will pay approximately $135 million in cash, which will be funded from current cash reserves. This acquisition strengthens Cognizant's full-suite of offerings across all areas of the Life Sciences value chain from Research & Development and Manufacturing to Sales & Marketing Operations. marketRx combines analytics, market research and software services to provide scalable, web-based solutions in three functional areas for Life Sciences companies: Sales Management & Operations, Brand Marketing & Product Management and Market Research. marketRx brings an impressive client base to Cognizant representing a total of 75 Life Sciences customers, including all of the largest 20 pharmaceutical companies and 4 out of the top 5 biotech companies. "We welcome the marketRx employees and management team to Cognizant. This acquisition expands our capabilities in the analytics segment and broadens our service offerings for the Life Sciences industry, while providing strong synergies with our existing Business Intelligence/Data Warehousing and CRM services," said Francisco D'Souza, president and CEO, Cognizant. "marketRx's proven global delivery model for analytics, deep domain knowledge and proprietary analytics software platform have helped the Company build an impressive client list in the Life Sciences market and yield strong organic growth. We expect to leverage these assets to establish a pre-eminent position in the fast-growing analytics market both in Life Sciences and other industries." "We are very pleased to join the Cognizant family. The combination of our market leading position in the Life Sciences analytics segment and Cognizant's strengths as a top global services player will allow us to expand our relationships with our Life Sciences clients by providing them with a broader range of outsourced services, and conversely enables us to extend our capabilities to other vertical markets," said Chadha. "We found a great cultural fit between both companies in terms of entrepreneurial spirit, commitment to client satisfaction, strong client retention record, proven high-touch onsite/offshore model and overall vision for the future of the global services industry." marketRx is one of the largest, independent offshore KPO/analytics businesses with 2007 revenues expected to be over $40 million. marketRx has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 in the U.S. (four locations), and 10 in London.

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