Cognizant to buy assets from Silverline's financial services section

By SiliconIndia   |   Friday, 20 September 2002, 07:00 Hrs
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TEANECK: Cognizant Technology Solutions Corporation (Nasdaq: CTSH), a leading application management and e-business solutions provider, today announced that it has made an offer to purchase certain assets of Silverline Technologies Inc. (NYSE: SLT) relating to the provision of software services to American Express Travel Related Services Company, Inc.

In connection with this transaction, Cognizant will offer employment to over 300 software professionals.

"This acquisition would provide us the opportunity to further strengthen our leadership position in the financial services industry," said Francisco D'Souza, Senior Vice President of Cognizant.

Consummation of the acquisition is subject to completion of due diligence, negotiation of definitive agreements, and receipt of customary required approvals, including the approval of the Boards of Directors of both companies.

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