New Delhi: IT services provider Cognizant said it will acquire ValueSource NV, a subsidiary of Belgium-based integrated bank insurance group KBC, as part of a five-year contract with the group.

This is the second acquisition announcement by the US-headquartered IT firm in as many days as it had acquired Equinox Consulting of France.

The Nasdaq-listed firm said that the ValueSource acquisition is part of the contract from KBC group to optimise service delivery and drive superior customer engagement for the latter.

ValueSource, which has employee strength of over 170 persons, has a dedicated offshore development centre in Chennai. It provides integrated offshoring services in software development and maintenance in financial services and insurance domain, manufacturing and business operation automation.

ValueSource's experience in the financial services and insurance domain will provide business continuity for KBC, Cognizant said in a statement, adding its 170 employees will transfer to the US-based IT services provider.

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