- Cognizant Technology Solutions Corp (NASDAQ: CTSH) recently announced it has entered into an agreement to buy Tin Roof Software. These are the details.
Cognizant Technology Solutions Corp (NASDAQ: CTSH) announced it has entered into an agreement to buy Tin Roof Software — which is a privately-held custom software and digital product development services company based out of Atlanta, Georgia. Tin Roof is known for specializing in innovative digital products that allow companies to improve customer experiences and increase revenue. And the acquisition will expand Cognizant’s software product engineering footprint in the U.S. and connect Tin Roof’s experts with Cognizant’s broader global software development capabilities.
Tin Roof is known for offering software design, development, DevOps, and delivery services for clients increasingly dependent on software for a competitive edge. The custom solutions for clients include re-architecting and migrating products to the cloud, building customer-facing web and mobile apps, creating APIs and data pipelines for transaction processing, and designing secure payment processing systems. And Tin Roof works across a range of industries, including telecom, media and entertainment, financial services, retail, hospitality, consumer products, travel, logistics, and transportation.
Upon the closing of the deal, Tin Roof’s experts will join Cognizant Softvision. And in 2018, Cognizant also acquired Softvision, which is a leader in developing custom digital products using unique collaborative engineering methods.
The deal is expected to close in the second half of 2020, subject to satisfaction of closing conditions, including regulatory review. The financial details were undisclosed.
KEY QUOTES:
“To compete effectively, clients are replacing traditional application development with digital engineering to build leading-edge, consumer-grade experiences and infuse software into their products, services, and customer experiences. Cognizant is investing to compete and win in digital engineering, one of our strategic priorities. Tin Roof’s exceptional software product development and agile teams share our philosophy of customer-centricity and will strengthen our network of engineering talent in the U.S. We look forward to welcoming Tin Roof’s software product engineering experts to Cognizant.”
— Malcolm Frank, President of Digital Business at Cognizant
“Delivering strategic, innovative solutions that drive tangible business outcomes is at the heart of our success. We look forward to our software product engineering experts joining Cognizant Softvision and connecting to Cognizant’s global delivery model, complementing Cognizant’s deep expertise in artificial intelligence, data, Internet of Things, cloud, and interactive experience.”
— Daniel Gore, President and Chief Executive Officer at Tin Roof Software
