Author: Jane Edwards|| Date Published: August 28, 2024
Cognizant (Nasdaq: CTSH) has completed its purchase of Belcan in a cash-and-stock deal worth approximately $1.3 billion as part of a push to broaden its engineering research and development capabilities and expand its aerospace and defense market footprint.
Cognizant said the transaction, which was first announced in June, also builds on its presence in the digital engineering and internet of things practice areas.
Belcan has over 6,500 engineers and technical consultants focused on delivering engineering R&D and mission-critical digital engineering services to its client base across the defense, commercial aerospace, marine, space and industrial markets in North America and the U.K.
“We believe our combined capabilities, shared focus of providing value to our clients through distinctive technological expertise, and global scale and scope means we will be able to deliver high-quality solutions to a diverse mix of customers around the world,” said Cognizant CEO Ravi Kumar S.
Cognizant has updated its third-quarter and full-year 2024 guidance to reflect the impact of the strategic acquisition.
The public technology company expects to record Q3 revenue of $4.95 billion to $5.02 billion and full-year 2024 revenue of $19.5 billion to $19.8 billion, reflecting an increase of 0.9 percent to 2.4 percent.
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