India: Cognizant signs pact to acquire US cloud company 10th Magnitude

Cognizant Technology Solutions Corp has entered an agreement to acquire Chicago-based 10th Magnitude, a cloud specialist firm focused exclusively on the Microsoft Azure cloud computing platform.

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

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.