Why Cognizant (CTSH) Is Buying Collaborative Solutions

By Dan Anderson ● May 6, 2020
  • Cognizant Technology Solutions Corp (NASDAQ: CTSH) recently announced that it is buying Collaborative Solutions

Cognizant Technology Solutions Corp (NASDAQ: CTSH) recently announced that it is buying Collaborative Solutions, a privately-held global consultancy that specializes in Workday enterprise cloud applications for finance and human resources. The transaction is expected to close in the second quarter of 2020, subject to the satisfaction of certain closing conditions, including regulatory clearance. And financial details were not disclosed.

The acquisition of Collaborative Solutions will add new finance and HR advisory and implementation services to cloud offerings from Cognizant Technology Solutions Corp (NASDAQ: CTSH). And Collaborative Solutions — one of the world’s largest Workday consultancies — enables clients across financial services, healthcare, technology, government, education, and other organizations to transform their operations using enterprise cloud applications. Services include strategy development, organizational change management, and the deployment and management of finance, HR, planning, and higher education solutions.

Launched in 2003, Collaborative Solutions is headquartered near Washington, D.C. and has more than 1,000 employees worldwide. And in addition to the U.S., the company has operations in Australia, Canada, and the United Kingdom.

Collaborative Solutions is a leading and full-service global finance and HR transformation consultancy that utilizes world-class cloud solutions to help deliver successful client outcomes. And as the longest-tenured Workday Services Partner and customer, Collaborative Solutions has a 98% customer satisfaction rate with more than 800 Workday deployments in over 125 countries.

The company’s clients include Fortune 500 companies, medium-sized businesses, and education and government institutions, ranging in size from 1,000 to 200,000 employees. Collaborative Solutions is headquartered in Reston, Virginia, and has offices in a number of locations throughout North America, Europe, and the Asia-Pacific.

Key Quotes:

“Running core applications in the cloud has never been more important. Workday is a critical enterprise cloud suite that gives finance, HR and other functions greater resiliency and agility. Collaborative Solutions, with its rich expertise and leading position in the Workday ecosystem, expands our opportunity in cloud by establishing a new practice area in this large, fast-growing market. Our combined strengths in cloud strategy and enablement will differentiate our offering, positioning us to provide full support to clients throughout their digital transformation journey. We look forward to welcoming Collaborative Solutions’ talented team to Cognizant.”

-Greg Hyttenrauch, President of Digital Systems and Technology at Cognizant

“As one of Workday’s longest-tenured services partners, we have expertise, depth, and proficiency in driving true finance and HR transformation. Together with Cognizant, we will provide even greater scope and scale, helping extend our capabilities for clients to accelerate innovation in their digital agendas and optimize their Workday investments. We look forward to joining Cognizant, a Fortune 200 company that shares our passion for both client and employee success.”

-Carroll Ross, Chief Executive Officer at Collaborative Solutions