Cognizant Acquires SAP Retail Firm Zaffer's Assets
Nasdaq-listed IT service s firm Cognizant has acquired assets of US-based SAP retail consulting and software development firm Zaffera, LLC, for undisclosed amount.
Zaffera, based in Princeton, N.J., offers consulting services and software that helps retailers streamline their operations, improve their customer's experience and help companies respond better to changing market conditions.
"The retail industry is facing intense economic and competitive pressures. The advent of new technologies like social media and mobility have created a more empowered, savvy consumer, and retailers are working harder than ever to attract and retain customers in the face of thin margins," Francisco D'Souza, President and CEO, Cognizant commented on the acquisition.
This acquisition will strengthen to help retailers address these challenges and seize new opportunities created by multi-channel retailing. Zaffera's consulting expertise and software solutions will enhance Cognizant's SAP retail practice and ability to deliver business transformations, D'Souza added.
Earlier in July, Cognizant acquired the India-based captive operations of CoreLogic for over $50 million. As part of the transaction, CoreLogic and Cognizant will enter into a services agreement with a minimum revenue commitment of $324 million and applicable inflation adjustments, over five years, with various renewal and extension rights, under which Cognizant will provide a range of services to CoreLogic globally.
Although US headquartered, a large chunk of Cognizant's operations are based in India. Its revenue for the quarter ended June 30, grew 34.4 per cent to $1.49 billion, outpacing India's No. 3 software services exporter Wipro whose IT services business clocked $1.41 billion in the same period. At this growth rate, Cognizant is widely expected to overtake IT bellwether Infosys by year-end.