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Cognizant To Acquire Collaborative Solutions
The acquisition of Collaborative Solutions will add new finance and HR advisory and implementation services to Cognizant's cloud offerings.
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Cognizant (Nasdaq: CTSH) today announced it has entered into an agreement to acquire Collaborative Solutions, a privately-held global consultancy specializing 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. Financial details were not disclosed.
The acquisition of Collaborative Solutions will add new finance and HR advisory and implementation services to Cognizant's cloud offerings. 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.
"Running core applications in the cloud has never been more important," said Greg Hyttenrauch, President, Digital Systems and Technology, Cognizant. "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."
"As one of Workday's longest-tenured services partners, we have expertise, depth, and proficiency in driving true finance and HR transformation," said Carroll Ross, Chief Executive Officer, Collaborative Solutions. "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."
Founded in 2003, Collaborative Solutions is headquartered near Washington, D.C., and has more than 1,000 employees worldwide. In addition to the U.S., the company has operations in Australia, Canada, and the United Kingdom.
Collaborative Solutions has been a Great Place to Work-Certified organization since 2015. The company has received numerous recognitions from Great Place to Work® and Fortune Magazine for its workplace culture, including "Best Workplaces for Diversity," "Best Workplaces for Women," and "Best Workplaces for Millennials." Most recently, Collaborative Solutions ranked No. 1 among small and medium companies in Fortune's "Best Workplaces in Consulting and Professional Services."