IT services firm Cognizant Technology Solutions has completed the acquisition of analytics company MarketRx for $135m to complement its life sciences services.
MarketRx provides analytics and related software to companies in the pharmaceutical, biotechnology and medical device markets and has a client base of 75 companies including 20 largest pharmaceutical companies and four of the top five biotech companies.
The acquisition is expected to enhance Cognizant’s health care segment, which accounted for 34% of its total revenues in fiscal 2006.
According to Cognizant, all 430 employees of MarketRx will join Cognizant. Jaswinder Chadha, chief executive at marketRx will join Cognizant as the head of the analytics practice.
This acquisition follows a trend among the Indian IT service providers to increase their presence in the healthcare and pharmaceuticals sector. Firstsource bought US-based MedAssist while Wipro acquired Infocrossing and GE Medical Systems Information Technologies this year.
Source: ComputerWire daily updates