Cognizant to buy CoreLogic's India ops for $50 mn

BANGALORE, INDIA: IT services provider Cognizant Technology Solutions Corp said it would acquire CoreLogic Global Services Pvt Ltd, the India-based captive operations of CoreLogic, for about $50 million in cash to expand its mortgage services portfolio.

The deal includes adjustments for working capital and other charges or credits which will be determined at closing, the company said.

CoreLogic and Cognizant will enter into a services agreement with a minimum revenue commitment of $324 million, plus applicable inflation adjustments, over five years.

CoreLogic India has about 4,000 associates, who will become employees of Cognizant at closing expected in August.

Shares of Cognizant closed at $74.32 on Monday on Nasdaq. CoreLogic shares closed at $16.27 on Monday on the New York Stock Exchange.