Softvision Status
The company has entered into a definitive agreement to be acquired by Cognizant Technology Solutions (NAS: CTSH) for $550 million on October 4, 2018. The acquisition of the company will boost Cognizant's digital business and expand Cognizant's footprint in Romania, a country where company has significant engineering operations. Softvision's unique culture, talented people, and agile model of small, multi-disciplinary client teams, fits well with Cognizant's collaborative approach of innovating with clients to tackle complex, mission-critical business initiatives. This synergy, together with Cognizant's deep technology and industry expertise, will enable Cognizant Technology Solutions to deliver custom cloud-based software and platforms better and faster, helping more clients transform their businesses to become digital leaders. The transaction is expected to close in the fourth quarter of 2018 subject to the satisfaction of the closing conditions, including regulatory review. Previously, the company was acquired Tower Arch Capital through an LBO in July 2015 for an undisclosed sum.
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