US company Cognizant has bought Softvision, a firm established in Cluj-Napoca more than 20 years ago, which has offices in Bucharest, Iasi, Timisoara, Baia Mare, but also in the United States of America, Startupcafe.ro reports
The value of the transaction mounts to USD 550 million, according to Reuters.
„It’s a spectacular step in Softvision’s history (…) Our journey will continue to be abruptly upward also as spearhead of Cognizant Digital Business. Our success is fully based on the unrivaled expertise of our software engineers in Romania, and now Cognizant will take us globally. We’ll continue to provide cutting edge software solutions for the world big brands,” said Laurentiu Russo, Softvision founder.
Businessman Russo has several investments in Cluj.
Softvision provides a wide variety of services for large companies. One of its recent projects was creating a video-streaming platform and an iPad app to be used in the waiting rooms at Kaiser Permanente, the large non-profit health provider based in California, according to its website.
Cognizant, which has a market capitalization of USD 44.6 billion, has recently reported a digital business accounting for 30 percent of its revenue.