Cognizant to Acquire marketRx, a Leading Provider of Life Sciences Market Analytics
18/10/2007 23:35
PR Newswire
TEANECK, New Jersey, October 18 /PRNewswire/ --
- Strategic acquisition to expand Cognizant's Life Sciences industry
offerings
Cognizant Technology Solutions Corporation (Nasdaq: CTSH), a leading
provider of global IT and business process outsourcing services, today
announced that it has signed a definitive agreement to acquire NJ-based
marketRx, Inc., a leading provider of analytics and related software services
to global Life Sciences companies in the pharmaceutical, biotechnology and
medical devices segments. Cognizant will pay approximately US$135 million in
cash, which will be funded from current cash reserves.
This acquisition strengthens Cognizant's full-suite of offerings across
all areas of the Life Sciences value chain - from Research & Development and
Manufacturing to Sales & Marketing Operations. marketRx combines analytics,
market research and software services to provide scalable, web-based
solutions in three functional areas for Life Sciences companies: Sales
Management & Operations, Brand Marketing & Product Management and Market
Research. marketRx brings an impressive client base to Cognizant representing
a total of 75 Life Sciences customers, including all of the largest 20
pharmaceutical companies and 4 out of the top 5 biotech companies.
"We welcome the marketRx employees and management team to Cognizant. This
acquisition expands our capabilities in the analytics segment and broadens
our service offerings for the Life Sciences industry, while providing strong
synergies with our existing Business Intelligence/Data Warehousing and CRM
services," said Francisco D'Souza, president and CEO, Cognizant. "marketRx's
proven global delivery model for analytics, deep domain knowledge and
proprietary analytics software platform have helped the Company build an
impressive client list in the Life Sciences market and yield strong organic
growth. We expect to leverage these assets to establish a pre-eminent
position in the fast-growing analytics market both in Life Sciences and other
industries."
"We are very pleased to join the Cognizant family. The combination of our
market leading position in the Life Sciences analytics segment and
Cognizant's strengths as a top global services player will allow us to expand
our relationships with our Life Sciences clients by providing them with a
broader range of outsourced services, and conversely enables us to extend our
capabilities to other vertical markets," said Jaswinder (Jassi) Chadha,
founder, president & CEO, marketRx, Inc. "We found a great cultural fit
between both companies in terms of entrepreneurial spirit, commitments to
client satisfaction, strong client retention record, proven high-touch
onsite/offshore model and overall vision for the future of the global
services industry."
Subject to the satisfaction of certain closing conditions, the
transaction is expected to close in the fourth quarter of 2007.
About marketRx
With over 430 employees in the U.S., India and Europe, marketRx enables
customers at global pharmaceutical and biotechnology companies to improve the
effectiveness of their sales and marketing operations. Sequoia-backed
marketRx has received many notable industry recognitions since its inception
in 2000 including Deloitte's fastest growing technology companies in North
America for two consecutive years (2005 and 2006), PwC & Entrepreneur
Magazine's 'Hot 100' fastest growing companies in the U.S. (2005), Inc. 500's
"Fastest Growing 500 companies" (2005) and SiliconIndia Magazine's "si100
list of Top 100 technology companies formed in the U.S. by people of Indian
origin".
About Cognizant
Cognizant (Nasdaq: CTSH) is a leading provider of global IT and business
process outsourcing services. Focused on delivering strategic information
technology solutions that address the complex business needs of its clients,
Cognizant uses its own on-site/offshore outsourcing model to provide
applications management, development, integration, and reengineering,
infrastructure management, business process outsourcing, and numerous related
services, such as enterprise consulting, technology architecture, program
management, and change management.
Cognizant has approximately 49,000 employees who are committed to
partnerships that sustain long-term, proven value for customers by delivering
high-quality, cost-effective solutions through its development centers in
India and on-site client teams. Cognizant maintains P-CMM, SW-CMM and CMMI
Maturity Level 5 assessments from an independent third-party assessor and
ranked among the top information technology companies in Business Week's Hot
Growth Companies and Forbes Global 2000 list. Cognizant is a member of the
NASDAQ-100 Index and the S? 500 Index. Find additional information about
Cognizant at www.cognizant.com.
Forward-Looking Statements
This press release includes statements which may constitute
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, the accuracy of which are
necessarily subject to risks, uncertainties, and assumptions as to future
events that may not prove to be accurate. Factors that could cause actual
results to differ materially from those expressed or implied include general
economic conditions and the factors discussed in our most recent Form 10-K
and other filings with the Securities and Exchange Commission. Cognizant
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise.
Web site: http://www.cognizant.com
Kirsten Paragona, Director, Corporate Media Relations, +1-978-356-3342, Kirsten.paragona@cognizant.com; Investors, Financial, Scot Hoffman of Financial Dynamics, +1-212-850-5617, scot.hoffman@fd.com