Cognizant to acquire ValueSource NV, signs deal with KBC Group

Cognizant has been selected by the KBC group, an integrated bank insurance group in Belgium, as a strategic partner to optimize service delivery and drive superior customer engagement. Under an initial five-year agreement, Cognizant will deliver application development, application maintenance, and testing services to KBC.

As part of the deal, Cognizant will acquire ValueSource NV, a subsidiary of KBC and about 170 ValueSource employees will transfer to Cognizant. The terms of the deal were not disclosed.

Rudi Peeters, Senior General Manager and CIO of the KBC group commented, "The agreement will offer ValueSource the necessary economies of scale required to remain competitive in the demanding ICT market, while building on the knowledge and expertise acquired over the years with the KBC platform. Leveraging Cognizant's expertise, experience and consulting-led approach will give us the flexibility required to deal with both current and future ICT maintenance and development needs".