Multi-Year Relationship Positions Several of Aker's Companies for Digital Transformation, Expands Cognizant's Global Oil and Gas Industry Presence
OSLO, Norway, Dec. 20, 2016 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has become the exclusive digital systems, technology and operations services partner for multiple portfolio companies of Norway-based Aker (OSLO:AKER), a leading industrial investment company.
As part of the multi-year relationship, Cognizant will help several of Aker's industrial portfolio companies lay the foundation for digital transformation of their businesses, while driving cost efficiencies and business agility by simplifying, modernizing and enhancing security of their applications and IT infrastructure.
In addition, Cognizant has acquired the technology and business process services unit of Frontica Business Solutions AS. Frontica is a portfolio company of Norway-based oil-services investment company Akastor ASA (OSLO: AKA) that provides consulting and technology services to a number of Akers' industrial portfolio companies. Approximately 500 employees from Frontica across the Nordics, Malaysia, the United Kingdom, Brazil and the United States will join Cognizant, expanding Cognizant's presence and expertise in several key oil and gas industry markets.
"Cognizant has an impressive track record of delivering an excellent customer experience," said Kristian Monsen Røkke, CEO at Akastor. "Our customers can look forward to the increased benefits of Cognizant's global platform, broad technology and digital expertise in a time of transformation for our industry."
"We look forward to helping the Aker companies achieve their goals of transforming their operations for greater agility, and welcome Frontica's talented employees into the Cognizant family. Together, we will create even greater value for our clients in the Nordics and other geographies," said Santosh Thomas, President, Global Growth Markets, at Cognizant. "Leveraging Frontica's specialized capabilities and expertise, we will further strengthen our oil and gas industry and technology capabilities, expand our presence in key markets, and enrich our service offerings to clients."
About Akastor ASA
Akastor ASA is an oilfield services investment company with a flexible mandate for long-term value creation. The company exercises active ownership combining a range of strategic, operational and financial measures to develop and unlock the full value potential of its portfolio of companies. Akastor ASA employs approximately 3,000 people.
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 100 development and delivery centers worldwide and approximately 255,800 employees as of September 30, 2016, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500, and is ranked among the top performing and fastest growing companies in the world. Visit us at www.cognizant.com or follow us on Twitter: Cognizant.
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