Cognizant Snaps Up Itaas
Cognizant, a large IT and consulting firm, said it will expand its multiplatform video capabilities via the acquisition of itaas, a smaller, Atlanta-based provider of video testing, integration and deployment services for traditional set-tops and a broadening range of tablets, smartphones and mobile devices.
Financial terms were not disclosed, but the acquisition will make Cognizant an important player in the Reference Design Kit (RDK) market.
Last fall, itaas was tapped by RDK Management LLC, a venture managed by Comcast, Time Warner Cable and Liberty Global, to oversee community support services as well as technical support and training for licensees of the RDK, a pre-integrated software stack for IP-capable set-tops and gateway devices.
Founded in 1999, itaas has about 200 employees in the U.S., Canada and India. Its customers include service providers, programmers, application developers and cable technology vendors and suppliers, including Arris, Cisco Systems, Comcast, Cox Communications, Charter Communications, and Time Warner Cable.
Cognizant, which ended 2013 with 171,400 employees, said the deal will help it expands its reach into the video market. Last year, 42% of its $8.84 billion in revenue came from the financial service industry, with 11.2% derived from the communications, information, media and entertainment and technology sector.
“This acquisition continues our long-standing strategy of acquiring sharply focused business capabilities that complement our existing offerings. The company’s strong client focus and deep business and technology insights into the entire video ecosystem, combined with Cognizant’s global consulting and delivery capabilities, will create greater value for our mutual clients,” said Cognizant CEO Rajeev Mehta, in a release.
The deal also aims to help itaas achieve more scale and pursue new growth opportunities.
“Cognizant’s global reach, experience, and entrepreneurial culture will allow us to offer our current and future customers greater scale, a broader range of services, comprehensive solutions, and world-leading consulting and delivery expertise. International expansion is critical for us to continue our strong growth and provide greater opportunities for our employees,” said itaas president and CEO Vibha Rustagi.
The smarter way to stay on top of the multichannel video marketplace. Sign up below.