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Cognizant acquires marketRx for $135m

CHENNAI: Cognizant Technology Solutions Corporation, an IT and business process outsourcing services provider, has acquired U.S.-based marketRx, a provider of analytics and related software services to life sciences companies, for $135 million in an all-cash deal, which will be funded from current cash reserves. R. Chandrasekaran, President and Managing Director, Cognizant, told The Hindu that marketRx had around 430 employees operating in a global delivery model. Of them, 260 were in Gurgaon, 160 in the U.S. and ten in London. After the takeover, Cognizant would like to retain all of marketRx employees. Jaswinder (Jassi) Chadha, founder of marketRx, and his team would lead the analytics practice serving Cognizant’s clients in life sciences and other industries. Mr. Chandrasekaran said the acquisition would help Cognizant acquire capabilities and experience in the analytics services market with deep domain knowledge and a proprietary IT-enabled delivery platform. It would also help strengthen Cognizant’s leadership position in the life sciences and biotech industry. The market analytics services had excellent synergy with Cognizant data warehousing, business intelligence and CRM practices. The acquisition would give Cognizant an opportunity to expand marketRx’s analytics capabilities into its other industry verticals. From a geographical perspective, the acquisition of marketRx builds its presence in northern India, specifically in the Delhi/Gurgaon area. It would also bring on board a seasoned and diverse management team that had an average of 15 years of experience in analytics and the pharmaceutical industry and finally, marketRx would bring an impressive client base of 75 customers, including 20 of the largest pharmaceutical companies and four of the top five biotech companies. Infosys and Wipro were also in the race for marketRx.

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