BENGALURU: US-based Cognizant Technology Solutions has completed its acquisition of Chicago-headquartered Devbridge, a privately-held software consultancy and product development company.
The acquisition expands Cognizant’s software product engineering capabilities and global delivery footprint by adding more than 600 engineers, designers and product managers in Lithuania, Poland, United States, United Kingdom, and Canada, Cognizant said. This is Cognizant’s 20th acquisition since 2019.
“Our clients need agile and transformative partners that are capable of designing and building new software products that directly engage with consumers and employees on their terms,” said Andres Angelani, SVP, Chief Product Engineering Officer, Cognizant.
Upon completion of the acquisition, Devbridge employees will become part of Cognizant Softvision, which develops custom digital products and has a global footprint with studios in the US, Romania, India, Philippines, Argentina, Ukraine, Canada, and Mexico.
Since 2019, Cognizant has invested more than $2.5 billion in acquisitions that expand its offerings in digital engineering, data and artificial intelligence, cloud, and the Internet of Things.
Recently, the company said it is anticipating an 8% to 11% constant currency revenue growth for 2022 to 2024.
“We’re continuing to anticipate to plan approximately 50% of our free cash flow to acquisitions. 25% of our cash flow is being used to share repurchases. Those share repurchases set the dilution caused by our equity compensation, and we’re targeting a 25% payout on dividends,” Cognizant CFO Jan Siegmund told investors recently.