The financial details of the transaction were not disclosed.
On the conclusion of the deal, 10th Magnitude’s Azure experts will join Cognizant as part of the Microsoft Business Group. The transaction is expected to close in the third quarter.
The acquisition marks Cognizant’s sixth cloud-related transaction and the seventh buyout so far this year, highlighting the company’s strategy to accelerate its cloud business.
“The acquisition will expand the Microsoft Azure expertise within Cognizant’s new Microsoft Business Group, adding development and managed services hubs in major cities throughout the US,” Cognizant said in a statement.
10th Magnitude, one of Microsoft’s longest-standing Azure-centric partners, offers advisory and managed services, including data centre transformation, application modernisation, and data intelligence with artificial intelligence (AI)-driven analytics and insights. Their customers span industries ranging from healthcare and financial services to consumer goods and aerospace.
“Modernising business platforms by shifting to the cloud is a key priority for our clients,” said Greg Hyttenrauch, president, Cognizant Digital Systems and Technology. “The acquisition of 10th Magnitude underscores our commitment to Microsoft, one of our leading strategic partners, and will further strengthen our ability to provide Azure expertise to our clients as they embrace the cloud.”
This article was first published on livemint.com