IT services major Cognizant Technology Solutions Corporation is strengthening its capabilities in the life sciences segment by acquiring New Jersey-based marketRx, provider of analytics and software services to global life sciences companies, for $135 million.
The company has signed the agreement to acquire marketRx in an all-cash deal. The transaction may be concluded in the fourth quarter of 2007. The acquisition will be funded through the company's current cash reserves.
"This acquisition expands our capabilities in the analytics segment and broadens our service offerings in the life sciences industry, while providing strong synergies with our existing business intelligence/datawarehousing and CRM services," said Francisco D'Souza, president and chief executive officer of Cognizant, marketRx is a leading offshore KPO/analytics business with revenues expected to cross $40 million.
It has 430 employees, operating on a global delivery model with 260 professionals in Gurgaon, 160 at four locations in the US, and 10 in London.
The company combines analytics, market research and software services to provide scaleable, web-based solutions in three functional areas for life sciences companies sales management and operations, brand marketing, and product management and market research.
The acquisition will bring in a client base of 75 life sciences customers, including the 20 largest pharmaceutical companies and four of the top five biotech companies.
"The combination of our leading market position in the life sciences analytics segment and Cognizant's strengths as a top global services player will allow us to expand our relationships with our life sciences clients by providing them with a broader range of outsourced services, and conversely, will enable us to extend our capabilities to other vertical markets," Jaswinder (Jassi) Chadha, founder, president and chief executive officer, marketRx, said.
