Leading Specialty Consultancy Will Broaden
Cognizant's Intellectual Property Portfolio and Provide Full-Suite
SAP Expertise
TEANECK,
N.J., Dec. 7, 2022 /PRNewswire/
-- Cognizant (Nasdaq: CTSH) today announced it has agreed
to acquire Houston-based
Utegration LLC, a full-service consulting and solutions provider
specializing in SAP® technology and SAP-certified
products for the energy and utilities sectors.
"We believe Utegration's rich industry expertise and
differentiated portfolio of energy and utilities-focused products
and accelerators is a perfect complement to our SAP practice," said
Rob Vatter, Executive Vice President
of Cognizant's Enterprise Platform Services. "In bringing together
Utegration's experienced, specialist team with our global scale in
SAP and digital transformation, we have a strong new set of
capabilities designed to address the market's critical
transformation needs."
Cognizant will gain approximately 350 employees in North America and India upon the close of the acquisition.
"Combining our strengths with Cognizant is a win for our clients
and our colleagues," said Bart
Thielbar, President and CEO, Utegration. "Utegration has
grown with a singular focus on the needs of energy and utilities
businesses, and becoming part of Cognizant expands the scope and
scale we have to deliver for clients, including beyond the energy
sector. We could not be more pleased to be joining a team that
shares our values and commitment to innovation, client service, and
providing a great culture for our people to grow their
careers."
"Utegration has been a strategic partner for SAP in the
utilities space for over a decade. They've been instrumental in
delivering successful implementations and solutions for key SAP
customers in the vertical," said Lloyd
Adams, President of SAP North America. "This announcement
will allow Cognizant to expand on Utegration's commitment to
solution excellence, and continue the tradition of partnership,
innovation, and digital modernization, jointly with SAP."
Utegration serves 50+ North
America-based clients in the energy and utilities sector
with solutions across four domains aligned to key market needs:
Customer Experience, Billing and Advanced Metering Infrastructure;
Managed Services; Data Science and Analytics; and Finance and Asset
Performance Management. The company's portfolio of
industry-specific custom solutions includes: Utility4U™,
MeterData4U™, Finance4U™, and LoadPlanning4U™.
The acquisition is expected to close by year-end 2022, subject
to satisfaction of closing conditions. Financial details were not
disclosed.
Independent industry analyst Gartner® forecasts global IT
spending in the power and utilities market to reach about
$175 billion by year-end 2022.1
Demand is accelerating, driven by clean energy initiatives, grid
modernization, and customer experience management initiatives.
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1 2022
Gartner, Inc "Forecast: Enterprise IT Spending for the Power and
Utilities Market, Worldwide, 2020-2026, 3Q22 Update",
GARTNER is a registered trademark and service mark of Gartner, Inc.
and/or its affiliates in the U.S. and internationally and is used
herein with permission. All rights reserved.
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About Utegration
Utegration LLC is a full-service
consulting and solution provider specializing in analytics and
SAP® technology for the utilities and energy sectors. Utegration
builds and optimizes new technology for finance, regulatory,
customer management, and asset operations to maximize our clients'
return on investment, while minimizing risk and complexity. Our
industry experts have earned the trust of energy and water
providers across North America
with outcome-driven roadmaps and a track record of successful
implementations. Before you implement new technology, talk to
Utegration. See how we can make the future work for you. Learn more
at www.utegration.com
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 anticipated growth in
global IT spending in the power and utilities market, the
anticipated closing of the acquisition of Utegration and the impact
of the acquisition of Utegration 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.
Ben Gorelick
Benjamin.Gorelick@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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SOURCE Cognizant