Cognizant to acquire Softvision

IT services major Cognizant Thursday said it will acquire digital engineering and consulting company Softvision, LLC.

Terms of the deal, including size of the acquisition, were not disclosed.

The acquisition will create one of the top digital engineering companies in the world and a leader in software product development, helping clients innovate at speed and execute at scale, Cognizant said in a statement.

The transaction is expected to close in the fourth quarter of 2018, subject to necessary approvals, it added.

Founded over 20 years ago, Texas-based Softvision works with Fortune 500 clients in financial services, retail, consumer products, healthcare and other industries.

"The deal will allow Softvision to combine its engineering, design and digital product development approach with Cognizant's scale and digital expertise in areas like artificial intelligence, virtual reality, IoT, human science and others to provide more innovative solutions and impactful experiences," Softvision CEO Andres Angelani said.