Cognizant said that it has entered into a definitive agreement to acquire itaas, a digital video solutions company based in Atlanta, Georgia. The terms of the transaction were not disclosed.
Founded in 1999, itaas helps leading cable, telecommunications and technology companies to deliver a broad range of digital video services across traditional cable, broadcast and telecommunications network environments and on consumer devices such as set-tops, tablets, and smartphones.
With approximately 200 professionals in the U.S., Canada, and India, itaas enables television providers and broadcasters, particularly cable channels, to deliver authenticated live streaming and video services on digital platforms, thus adding value to existing television subscriptions and delighting subscribers with exclusive viewing experiences anytime, anywhere and on any device.
As more viewers look to access internet video content directly via TV, communications players are seeking out open platforms to reduce time-to-market, while digital device companies are focusing on bundling content with connected devices. The acquisition will enable Cognizant to capitalize on the growing demand for greater interactivity, higher personalization, and innovative content delivery in the multi-screen and video market.
The end-to-end digital video engineering and multi-platform capabilities of itaas will extend and complement Cognizant’s existing capabilities serving the communications, media, and hi-technology industries. The expanded capabilities will also support other industries such as banking, retail, and healthcare, which are rolling out advanced customer and business platforms centred on video.
“We welcome itaas’ talented professionals to Cognizant. This acquisition continues our long-standing strategy of acquiring sharply focused business capabilities that complement our existing offerings. The company’s strong client focus and deep business and technology insights into the entire video ecosystem, combined with Cognizant’s global consulting and delivery capabilities, will create greater value for our mutual clients, “ said Rajeev Mehta, CEO – IT Services, Cognizant.
“As multi-platform video becomes the new normal, new technologies create more empowered and savvy consumers, and more industry sectors look to harness the potential of video for customer interaction, this acquisition strengthens our ability to help enterprises challenge the status quo, and create new business models in response to market shifts and competitive pressures in their industry segments,” Mehta added.
“We are delighted to join Cognizant. The success of itaas over the last 15 years has been built on customer satisfaction, deep business and technology expertise, and best-of-breed solutions. Cognizant’s global reach, experience, and entrepreneurial culture will allow us to offer our current and future customers greater scale, a broader range of services, comprehensive solutions, and world-leading consulting and delivery expertise. International expansion is critical for us to continue our strong growth and provide greater opportunities for our employees,” said Vibha Rustagi, President and CEO, itaas.
“The agreement announced is a major step forward for us. With a shared commitment to client satisfaction and delivery excellence, we can drive future diversification based on our combined strengths,” Rustagi added.
