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Cognizant to acquire Belcan for nearly Rs 10,861 cr to diversify operations

YourStory

YourStory · 1y ago

Cognizant to acquire Belcan for nearly Rs 10,861 cr to diversify operations

Cognizant has announced that it will acquire digital engineering firm Belcan, LLC for approximately $1.3 billion. The deal includes cash consideration of $1.19 billion and Cognizant shares worth $97 million. Belcan specializes in engineering research and development (ER&D) services, with a strong presence in the aerospace, defense, space, and marine sectors. Cognizant aims to expand its access to the ER&D industry and diversify its offerings by integrating Belcan's capabilities. The acquisition is expected to generate over $100 million in annual revenue synergies for Cognizant within three years.

Related News

Cognizant’s 2024 rebound: A real recovery or an acquisition boost? | Company Business News

Livemint

Livemint · 6m ago

Cognizant’s 2024 rebound: A real recovery or an acquisition boost? | Company Business News

Cognizant Technology Solution Corp reported a revenue growth for 2024, largely driven by acquisitions of Belcan and Thirdera. Without these acquisitions, revenue growth remains a concern. The company's annual revenue rose to $19.74 billion, a 1.98% increase, though organic growth was slow. Profit rose 5.36% to $2.24 billion, with improved operating margins. Cognizant anticipates $20.3-20.8 billion revenue for 2025, but organic growth expectations are modest. Market pressures persist despite some sectors improving.

Cognizant to create 8,000 jobs with Rs 1,583 crore IT campus in Visakhapatnam

Economic Times

Economic Times · 1m ago

Cognizant to create 8,000 jobs with Rs 1,583 crore IT campus in Visakhapatnam

Cognizant plans to establish a world-class IT and ITES campus in Visakhapatnam with an investment of Rs 1,583 crore, expected to create 8,000 jobs. The Andhra Pradesh government will provide land at a nominal rate, and the campus aims to start operations by March 2029. The initiative marks a significant boost to the region's IT ecosystem, with Cognizant seeking over 21 acres of land for this venture.

Unicommerce earns Rs 90 Cr revenue and Rs 6.5 Cr profit in FY23

Entrackr

Entrackr · 1y ago

Unicommerce earns Rs 90 Cr revenue and Rs 6.5 Cr profit in FY23

Unicommerce, part of the AceVector Group which includes Snapdeal and Stellaro Brands, has achieved nearly Rs 100 crore in annual revenue and maintained a significant profit in FY23. The e-commerce enablement SaaS firm saw its revenue grow by 52.5% to Rs 90 crore in FY23 compared to Rs 59 crore in FY22. Unicommerce offers integrated solutions for order and inventory management, returns, and omnichannel operations. It operates in multiple countries, serving over 20,000 brands and marketplaces.

Livspace posts Rs 1,148 Cr revenue in FY23

Entrackr

Entrackr · 1y ago

Livspace posts Rs 1,148 Cr revenue in FY23

KKR-backed home interior platform Livspace experienced impressive year-on-year growth of 85% during FY23. However, the company also incurred a loss of nearly Rs 621 crore (SGD 101.7 million) in the same period. Livspace's revenue from operations increased to Rs 1,148 crore (SGD 188.1 million) during FY23, primarily driven by product sales, which accounted for 50% of revenue. Despite the losses, the company's growth and efficient expense management indicate potential for future profitability.

Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr

Entrackr

Entrackr · 1y ago

Ferns N Petals posts Rs 607 Cr revenue in FY23; loses Rs. 110 Cr

Ferns N Petals, a gifting platform, experienced a growth plateau in FY23 with only a 4.8% increase in income and heavy losses of nearly Rs 110 crore. Their revenue from operations reached Rs 607 crore in FY23, primarily from selling cakes, flowers, and customized gifting solutions. The company also operates in the hospitality and wedding businesses. The cost of procurement of materials accounted for the largest expenditure, while advertising and marketing, legal professional, freight, and IT expenses pushed the total expenditure up by 25%. As a result, Ferns N Petals posted a loss of Rs 109 crore in FY23, compared to a profit of Rs 10 crore in FY22.

Rajesh Nambiar quits as Cognizant’s India head to become Nasscom president | Mint

Livemint

Livemint · 11m ago

Rajesh Nambiar quits as Cognizant’s India head to become Nasscom president | Mint

Rajesh Nambiar has resigned as India chairman and managing director of Cognizant Technology Solutions to become the president of IT industry body Nasscom. Nambiar's successor at Cognizant will be Rajesh Varrier, who will take over as global head of operations from 2 September. The change comes as Cognizant seeks to match industry growth figures, having ended 2023 with revenues of $19.4bn, a YoY drop of 0.4%. Varrier's new responsibilities will include operations, delivery excellence, and workforce planning. Nambiar will replace Debjani Ghosh as Nasscom president from November.

Lendingkart swings to Rs 288 Cr loss in FY25 as NPAs rise

YourStory

YourStory · 2m ago

Lendingkart swings to Rs 288 Cr loss in FY25 as NPAs rise

Lendingkart Finance Limited reported a net loss of Rs 288.33 crore in FY25, down from a Rs 60.07 crore profit the previous year, due to decreased interest income and increased provisioning. Interest income fell by nearly 20%, and loan loss provisions more than doubled. Gross non-performing assets rose, reflecting broader industry challenges. Finance costs and other expenses also increased. The company seeks fresh capital investment to stabilize operations amid a lending sector slowdown.

Jatin Dalal likely to be new Cognizant CFO

Livemint

Livemint · 1y ago

Jatin Dalal likely to be new Cognizant CFO

Jatin Dalal, the former chief financial officer (CFO) of Wipro, is expected to join Cognizant Technology Solutions Corp. as their new CFO. Dalal, an old hand at Wipro, joins Cognizant during a period of struggle for the company, which has been trying to keep pace with its peers. His move to Cognizant could be seen as a step-up, as it is a larger firm compared to Wipro. The role of a CFO has become increasingly important in technology services companies, extending beyond financial oversight to include managing operations and playing a key role in major deals.

EaseMyTrip post Rs 161 Cr revenue and Rs 46 Cr profit in Q3 FY24

Entrackr

Entrackr · 1y ago

EaseMyTrip post Rs 161 Cr revenue and Rs 46 Cr profit in Q3 FY24

Online travel aggregator (OTA) platform EaseMyTrip on Friday announced its financial results for the quarter ending December 2023 (Q3 FY24). The results show a decent growth in scale and a marginal decline in profit during the quarter. EaseMyTrip ’s revenue from operations increased 13.5% to Rs 160.8 crore in Q3 of FY24 from Rs 141.7 crore in the last quarter (Q2 FY24), as per its consolidated financial statements with the National Stock Exchange. When compared to the third quarter of the previous fiscal year (Q3 FY23), its revenue from operations rose 18.1% from Rs 136.1 crore. EaseMyTrip collected 78% of its revenue from air passage which grew 8% to Rs 125.7 crore during the quarter while revenue from hotel packages spiked 54% to Rs 20.9 crore. The remaining Rs 14.18 crore was generated via other operating services. Including non-operating income of Rs 4.52 crore, the company’s overall collection approached Rs 165.3 crore in Q3 FY24. On the expense side, employee benefits expenses accounted for 21% of the overall spendings which went up 18.5% to Rs 22.16 crore during the period. It spent Rs 16.47 crore on service costs which represent the cost of tour packages, bus and other services. The company also incurred advertising – promotion and payment gateway charges worth Rs 17.48 crore and Rs 12.95 crore in the quarter. In total, EaseMyTrip’s overall expenses rose 31.4% to Rs 105 crore in Q3 FY24 from Rs 79.9 crore during Q2 of the same fiscal year. When it comes to the bottom line, the company’s profits marginally decreased (3%) to Rs 45.68 crore in Q3 as compared to Rs 46.95 crore in Q2 of the same fiscal year. In Q3 FY23 (previous fiscal year), the company had posted Rs 41.7 crore profits. Whereas, the company’s profit before tax stood at Rs 60.26 crore. On a unit level, EaseMyTrip spent Re 0.65 to earn a rupee in Q3 FY24. For the nine months period (Apr-Dec 2024) of FY24, EaseMyTrip posted Rs 426.5 crore revenue from operations with a profit of Rs 118.5 crore. Listed in March 2021 at Rs 13 per share, EaseMyTrip saw its peak in November 2022 at Rs 66 per share. With nearly 300% growth, its current price is roaming around Rs 51 a piece with a market cap of over Rs 9,000 crore or $1 billion.

Cognizant appoints Infosys’ Rajesh Varrier as global head of operations | Mint

Livemint

Livemint · 11m ago

Cognizant appoints Infosys’ Rajesh Varrier as global head of operations | Mint

Cognizant, the IT major, has named Rajesh Varrier as the global head of operations and India Chairman & Managing Director. He will replace Rajesh Nambiar, who will become the president of Nasscom. Cognizant stated that Varrier's responsibilities will include operations, delivery excellence, workforce planning, and expansion. Nambiar's appointment as Nasscom president was announced by the industry body. Nasscom's current president, Debjani Ghosh, expressed confidence in Nambiar's ability to elevate the sector and welcomed him into the role.

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