Cognizant has acquired Australia-based insurance focused consulting, business transformation and IT services provider Adaptra. The value of the deal has not been disclosed.
Adaptra is a consulting, business transformation and IT services provider based in Sydney, Australia. The firm, which was founded in 1998, offers a wide range of services – including consulting, programme management and implementation – related to the delivery of core platforms to insurance companies. The company works with five of the largest insurance companies in Australia and New Zealand, and employs more than 100 professionals.
A recent analysis from Bain & Company highlights that insurance companies are finding it increasingly difficult to create favourable customer experience in light of limited – positive – touch points with customers. With the acquisition of Adaptra, Cognizant hopes to further strength its position in the core platforms space, focused on improving core services and customer experience. The deal sees around 100 experts transfer to Cognizant; the value of the deal has not been disclosed by the technology giant.
Jayajyoti Sengupta, Head of Asia Pacific at Cognizant, remarks, "Increasingly, insurers around the world are looking to simplify critical processes relating to policies, claims and billing. Analysing these processes provides an opportunity to enable insights on customer experiences and operational efficiencies. We welcome Adaptra's talented professionals to Cognizant and are confident that our combined strengths will help insurers navigate the shift to the digital economy.”
According to Peter Overton, Managing Director of Adaptra, becoming a part of Cognizant will better position the consultancy "for new growth opportunities across newer technologies and industries." He adds: "With our shared commitment to helping insurers navigate the shift to the digital economy, we can drive future diversification and deliver high-value solutions based on our combined strengths." Overton further highlights that the joining of forces will allow the firm to provide greater opportunities for its employees.
Fifth major deal in a year
For Cognizant, the deal marks its fifth major acquisition in the space of twelve months. In November it bought Netherlands based Mirabeau, a digital marketing and customer experience agency, while in the summer of 2016 it purchased Idea Couture. 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 product developers who serve large companies including Samsung, PepsiCo, Cox, Citi Ventures and Kroger. Earlier last year the firm picked up Danish consulting firm ReD Associates and technology consultant KBACE Technologies.