Cognizant completes Belcan acquisition
IT Staffing Report
Cognizant completes Belcan acquisition
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Cognizant (NASDAQ: CTSH) completed its acquisition of Belcan, the 13th-largest engineering staffing provider. The company is paying $1.3 billion in cash and stock. Cognizant also updated its third-quarter guidance to an increase of 1.3% to 2.8% in constant currency to between $4.95 billion and $5.02 billion — which includes one full month of Belcan ownership.
“We are delighted to officially welcome Belcan to Cognizant,” Cognizant CEO Ravi Kumar S said in a press release. “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.”
The deal was first announced in June.
Belcan provides IT staffing and services. It employs more than 6,500 engineers and technical consultants. It has particular expertise in embedded software, mechanical, electrical and systems engineering.
Cognizant also reported its full-year 2024 revenue is expected to be up between 0.9% and 2.4% on a reported and constant currency basis to between $19.5 billion and $19.8 billion.