Acquisition expands Cognizant's IoT embedded
software engineering capabilities across technology and automotive
industries
TEANECK, N.J., Jan. 23, 2023 /PRNewswire/ -- Cognizant has
entered into an agreement to acquire Mobica, an IoT software
engineering services provider headquartered in Manchester, United Kingdom. Mobica's services
span the full software development cycle, with core competencies in
development, implementation, testing and deployment of embedded
software, and a specialization in clients' strategic internal
research and development projects.
The acquisition significantly expands Cognizant's IoT embedded
software engineering capabilities and provides clients with a
deeper and broader array of end-to-end support to enable digital
transformation. Embedded software engineering is a fast-growing
segment of the IoT and engineering market. Market intelligence firm
IDC forecasts global product engineering spending to increase from
$83 billion in 2021 to $164 billion by 2026.1
Upon closing of the acquisition, Cognizant will add nearly 900
people across Europe and
North America, including
approximately 550 engineers in Poland.
"Mobica's strong track record of delivering strategic embedded
software engineering services is well-aligned to Cognizant's Global
2000 client base and key industries, while its large presence in
Poland significantly enhances our
growing development teams in Eastern
Europe," said Annadurai
Elango, executive vice president of Cognizant's Core
Technologies and Insights. "We believe combining Mobica's expertise
with Cognizant's strong IoT and product engineering capabilities
will result in enhanced digital transformation outcomes for global
clients in the technology and automotive industries and
beyond."
Mobica's expertise in three key areas – connected devices and
digital transformation, silicon and technology platforms, and
automotive and intelligent mobility – is expected to further
strengthen Cognizant's client offerings and position as a strategic
partner in enterprise digital transformation.
"Mobica has built a reputation for world-class IoT embedded
software engineering expertise across the entire technology stack,
from chip to cloud," said Sam
Kingston, CEO of Mobica. "The alignment we share with
Cognizant from a technology, industry and client-focus standpoint
represents a strong platform for continued growth in Europe and North
America, and an opportunity for our talented team to grow
their skills and careers."
Mobica builds upon Cognizant's earlier efforts to establish
strategic capabilities in Eastern
Europe via the acquisitions of Softvision in 2018 and
Devbridge in 2021, which have significant software product
engineering operations in Romania
and Lithuania, respectively. Upon
acquiring Mobica, Cognizant will have more than 7,500 associates in
Eastern Europe, including
approximately 4,500 engineers.
The acquisition is expected to close in February 2023, subject to satisfaction of closing
conditions. Financial details were not disclosed.
About Mobica
Mobica is a global software services
company, providing Tech Talent-as-a-Service (TaaS), helping
businesses build pioneering experiences for their customers.
Headquartered in Manchester UK
with offices across Europe and US,
Mobica partners with businesses across multiple industries - from
aerospace to finance and semiconductors to automotive - providing
them with access to incredible talent and software engineering
expertise across the entire technology stack, from concept and
development, through to testing and integration, from chip to
cloud. With over 700 world class software engineers, Mobica
specialises in turning complex business challenges into competitive
advantage through vast cross-industry experience and ability to
deliver at scale. Driving expertise since 2004. Follow
Mobica: LinkedIn, Facebook, YouTube
About Cognizant
Cognizant (Nasdaq: CTSH) engineers
modern businesses. We help our clients modernize technology,
reimagine processes and transform experiences so they can stay
ahead in our fast-changing world. Together, we're improving
everyday life. See how at www.cognizant.com or @cognizant.
Forward-Looking Statements
This press release includes statements which may constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
the accuracy of which are necessarily subject to risks,
uncertainties and assumptions as to future events that may not
prove to be accurate. These statements include, but are not limited
to, express or implied forward-looking statements relating to
expectations regarding growth in the global IoT market, the
anticipated closing of the acquisition of Mobica and the impact of
the acquisition of Mobica on the business and prospects of
Cognizant. These statements are neither promises nor guarantees but
are subject to a variety of risks and uncertainties, many of which
are beyond our control, which could cause actual results to differ
materially from those contemplated in these forward-looking
statements. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. Factors that could cause actual
results to differ materially from those expressed or implied
include general economic conditions, the competitive and rapidly
changing nature of the markets we compete in, the competitive
marketplace for talent and its impact on employee recruitment and
retention, legal, reputational, and financial risks resulting from
cyberattacks, changes in the regulatory environment, including with
respect to immigration and taxes, and the other factors discussed
in our most recent Annual Report on Form 10-K and other filings
with the Securities and Exchange Commission. Cognizant undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or
otherwise, except as may be required under applicable securities
law.
For more information, contact:
U.S.
Jodi
Sorensen
jodi.sorensen@cognizant.com
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Europe /
APAC
Christina
Schneider
christina.schneider@cognizant.com
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India
Rashmi
Vasisht
rashmi.vasisht@cognizant.com
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1 International Data Corporation (IDC);
Worldwide Product Engineering and Operational Technology
Services Forecast, 2022–2026, US48533822; August,
2022.
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