Acquisition will extend Cognizant's capabilities in digital automotive engineering R&D, including in smart, connected mobility; global market for connected cars estimated to exceed
Acquiring ESG Mobility will expand Cognizant's automotive engineering expertise, particularly in connected vehicles. The global connected car market was valued at approximately
'The automotive industry is undergoing a fundamental shift, embracing new mobility concepts that rely heavily on software, connectivity and artificial intelligence,' said
Cognizant and ESG Mobility together, upon the close of the acquisition, will provide engineering services to eight of the world's top 10 automotive original equipment manufacturers (OEM).
ESG Mobility provides services across the automotive software stack with key strengths in electrical and electronic systems and connected vehicle applications, as well as emerging capabilities for autonomous and electric vehicles.
'We have built a world-class team of engineering R&D and technology consultants who deeply understand our automotive clients in
The transaction is expected to close in the second quarter of 2021, subject to the completion of closing conditions. Upon completion, ESG Mobility employees will become part of Cognizant's Internet of Things (IoT) and Engineering Services Practice. Financial details were not disclosed.
The ESG Mobility transaction marks Cognizant's fourth acquisition in 2021, and 13th acquisition since
About ESG Mobility
ESG Mobility has been providing know-how to automobile manufacturers and suppliers with locations around the world for almost 30 years. The starting shot in the automotive industry was given in 1984. This was followed by the consistent expansion of the automotive division with projects for
About Cognizant
Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating and technology models for the digital era. Our unique industry-based, consultative approach helps clients envision, build and run more innovative and efficient businesses. Headquartered in the US, Cognizant is ranked 194 on the Fortune 500 and is consistently listed among the most admired companies in the world. Learn how Cognizant helps clients lead with digital at www.cognizant.com or follow us @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 the anticipated closing of the acquisition of ESG Mobility and the impact of the acquisition of ESG Mobility 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, 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
For further information, contact:
US:
jodi.sorensen@cognizant.com
christina.schneider@cognizant.com
harsh.kabra@cognizant.com
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