October 2009
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UBS Sells India Service Center

Outsourcing provider Cognizant plans to acquire UBS India Service Center Private Ltd. (UBS ISC), a Hyderabad, India-based captive service provider to UBS Group.

No price tag for the deal was made public. 

As part of the transaction, UBS and Cognizant have entered into a multi-year agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe.

The UBS ISC currently employs approximately 2,000 associates. Their deep capabilities in wealth management, investment banking, asset management, research, and remote IT infrastructure management will help Cognizant strengthen its business and knowledge process capabilities, deepen its financial services domain knowledge, and enhance its capabilities to provide integrated services across consulting, technology, and outsourcing, officials say.

“We welcome the highly talented and experienced professionals of UBS ISC to Cognizant. This acquisition deepens our relationship with UBS and extends our leadership position in financial services,” says Francisco D'Souza, president and CEO, Cognizant. “This acquisition builds on our long-standing strategy of delivering sharply focused business solutions and enhanced value to our clients in the financial services and capital markets industries.”

“Cognizant's broad banking and financial services expertise and its cultural fit with UBS complement the competencies provided by the India Service Center today, while providing technology capabilities that expand the services we can buy from India and support our cost savings, efficiency and flexibility objectives,” says Ulrich Korner, group COO of UBS AG.

Subject to closing conditions, the transaction is expected to close around the end of 2009. 

Source: Waters

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