US-based IT firm Cognizant has acquired Idea Couture, a privately-held firm that deals in design thinking including digital innovation, strategy, design and technology services. Both the companies did not disclose the terms of the transaction. This acquisition is likely to help Cognizant clients create connected products and deploy new business models for growth and competitive advantage.
Based in Toronto, and with offices in the US, Europe, and Latin America, Idea Couture has more than 170 social scientists, strategists, anthropologists, user experience experts, designers, and connected product developers who serve leading companies across multiple industries, including: Samsung, PepsiCo, Cox, Citi Ventures, Kroger, ConAgra Foods and others, said a statement from Cognizant.
Prior to this announcement, Cognizant had signed an exclusive strategic partnership and acquired interest of 49% in ReD Associates, a leading strategic consulting firm specialised in bringing social science to help enterprises understand customer behavior. According to company officials, this acquisition further advances Cognizant’s strategy to bring together capabilities in behavioral insight, strategy, design, and technology to deliver impactful solutions for clients in banking, insurance, life sciences, and our other key industries.
“Idea Couture has a track record of success in managed innovation – including rapidly envisioning, designing and prototyping digital solutions – to help companies create connected products, engage customers, and deploy new business models for growth and competitive advantage,” said Gajen Kandiah, executive vice president, Cognizant Digital Works.
With over 100 development and delivery centers worldwide and approximately 233,000 employees as of March 31, 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.
