Cognizant makes second Irish acquisition in three months with Zenith deal
Cognizant, the market-leading American IT group, has made its second Irish acquisition in just three months. Zenith Technologies, which employs 300 people in Ireland and 500 overseas, cost Cognizant an “undisclosed sum” and has forecast 100 million euros in sales for this year. In the previous year, it saw turnovers of 85 million euros. Zenith, which is based in Cork, services the pharmaceutical and medical industries, and works with nine of the worlds top ten players in the space.
Cognizant’s share price has appreciated by 7% year to date
Source: Yahoo Finance
In a statement to the press, Zenith CEO Joe Haugh said: “In joining Cognizant, we are bringing together two respected life sciences service provider brands with complementary technology and manufacturing operations expertise. Our combined business will drive process excellence through tighter integration of manufacturing processes and systems, the efficient harnessing of information and analytics across the manufacturing value chain, and the adoption of IoT technologies delivering manufacturing 4.0.”
This is Cognizant’s second Irish acquisition in three months. The first, Meritsoft, is a Dublin-based financial services specialist best known for its comprehensive Finbos platform.
Speaking about company’s most recent acquisition, Cognizant CEO Brian Humphries (coincidentally, a graduate of Ulster University) said: “In acquiring Zenith Technologies, we expand Cognizant’s IoT portfolio and extend our life sciences domain expertise by becoming a single-source provider of end-to-end smart factory capabilities.”
Dominion holds Cognizant in its Global Trends Managed Fund.
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