Cognizant, the Nasdaq listed IT services company with a large employee presence in India, on Friday announced the acquisition of Adaptra, a Sydney-based IT firm for an undisclosed sum. This acquisition is expected to further strengthen Cognizant’s insurance, business transformation and platform capabilities to help clients succeed in a technology- and data-intensive world. As part of the acquisition, around 100 professionals will join Cognizant.
Adaptra works with 5 of the top 10 insurers in Australia and New Zealand, helping them define their target business and operating models and providing platform advisory and implementation services.
Adaptra, founded in 1998, specialises in consulting, programme management, and implementation of core platforms such as Guidewire to enable insurance companies to drive improvements across key functional areas such as underwriting, policy administration, claims management, and billing. This helps insurers increase speed-to-market, transform core processing to improve customer experience, drive competitiveness and product differentiation, and empower agents to digitally engage with customers.
Jayajyoti Sengupta, head of Asia Pacific, Cognizant said :“Increasingly, insurers around the world are looking to simplify critical processes relating to policies, claims and billing. Analysing these processes provides an opportunity to enable insights on customer experiences and operational efficiencies.”
Adaptra’s high-end business transformation and Guidewire expertise will complement Cognizant’s deep digital business, operations and systems capabilities, and further enhance integrated solutions spanning the insurance life cycle, said Sengupta.
Peter Overton, MD, Adaptra said : “Becoming a part of Cognizant uniquely positions us for new growth opportunities across newer technologies and industries. Cognizant’s global experience, deep digital capabilities, and entrepreneurial culture will enable us to deliver broader transformational solutions to insurers. This is critical for us to provide greater opportunities for our employees. With our shared commitment to helping insurers navigate the shift to the digital economy, we can drive future diversification and deliver high-value solutions based on our combined strengths.”
The latest acquisition comes close on the heels of a decision of Cognizant to buy Dutch digital marketing company Mirabeau. Cognizant has been aggressive on the acquisition front in 2016.
Cognizant had acquired the privately held KBACE Technologies, while it took a 49% stake in ReD Associates and lapped up Idea Couture, which offers a host of digital innovations. It had also bought IT and business process outsourcing vendor Frontica.