Cognizant to pay about $135 million in cash as Sequoia Capital India reaps fourth exit in almost as many months from its WestBridge Capital avatar investments.
Edited extracts from Cognizant's press release:
Nasdaq-listed Cognizant Technology Solutions Corporation, a leading provider of global IT and business process outsourcing services, today announced that it has signed a definitive agreement to acquire marketRx, a India- and US-based provider of analytics and related software services to global Life Sciences companies in the pharmaceutical, biotechnology and medical devices segments. Cognizant will pay approximately $135 million in cash, which will be funded from current cash reserves.
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's client base includes 75 Life Sciences customers, including all of the largest 20 pharmaceutical companies and 4 out of the top 5 biotech companies.
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