Cognizant buys US video solutions provider

CHENNAI: Cognizant will buy digital video solutions company itaas, the third acquisition in seven months by the Nasdaq-listed software services company.

In a statement, the US-based Cognizant explained the rationale for the acquisition by saying it can “capitalise on the growing demand for greater interactivity, higher personalisation, and innovative content delivery in the multi-screen and video market.”

It did not disclose the value of the deal.

Founded in 1999, itaas has 200 professionals in the US, Canada, and India. Based in the US state of Georgia, it enables live streaming and interactive digital video services on any device.

“As multiplatform video becomes the new normal, new technologies create more empowered and savvy consumers, and more industry sectors look to harness the potential of video for customer interaction,” the statement quoted Rajeev Mehta, CEO of IT Services at Cognizant, as saying.

In October last year, Cognizant announced back-to-back acquisitions of Belgian bank KBC’s ValueSource unit and France’s Equinox Consulting.

Vibha Rustagi, the president and CEO of itaas, said, “International expansion is critical for us to continue our strong growth and provide greater opportunities for our employees.”