Cognizant has reportedly inked an agreement to buy Collaborative Solutions, a global consultancy that is privately-held and is specialized across Workday enterprise cloud applications for human resources and finance. It has been anticipated that the transaction will be closing by the second quarter of 2020, which is further subject to the approval of particular closing conditions that also includes regulatory clearance.
Apparently, the financial details had not been disclosed by the companies yet. The purchase of Collaborative Solutions will be adding new HR advisory and implementation as well as finance services to the cloud offerings of Cognizant.
Reportedly, Collaborative Solutions, which is among the largest Workday consultancies in the world, helps the clients working across healthcare, government, financial services, technology and various other organizations to be able to transform their operations by using cloud applications.
Its services involve organizational change management, deployment as well as the management of finance, strategy development, planning, higher education solutions and HR. Collaborative Solutions had been founded in 2003 and is headquartered close to Washington, DC with about 1,000 employees across the world. Moreover, besides the U.S., the firm has its operations, in Canada, the United Kingdom and Australia.
President of Digital Systems and Technology at Cognizant, Greg Hyttenrauch commented that running core applications within the cloud has not been as important as it's now. Workday happens to be an important enterprise cloud suite that offers finance, HR and various other functions along with greater agility and resiliency. The rich expertise of Collaborative Solutions accompanied by its leading position within the Workday ecosystem will help expand the company’s opportunity in the cloud.
Collaborative Solutions’ CEO, Carrol Ross said that the company possesses depth, proficiency and expertise working as the longest tenured-service partners of Workday in helping foster true HR and finance transformation. Combined, the companies will be offering greater scale and scope and help extend Collaborative Solutions’ to boost digital innovation.
Source Credit- https://www.business-standard.com/article/companies/cognizant-to-acquire-us-based-cloud-player-collaborative-solutions-120050501484_1.html