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Cognizant acquires Belcan for $1.3 billion

Cognizant announces that it will acquire Belcan for approximately $1.3 billion. The acquisition will strengthen Cognizant’s position in the engineering and aerospace sectors.

Cognizant has signed a definitive agreement to acquire Belcan, a provider of engineering research and development (ER&D) services primarily serving customers in North America and the United Kingdom. The acquisition will significantly expand Cognizant’s ER&D capabilities, particularly in the aerospace and defense sectors.

Belcan provides digital engineering services to commercial aviation, defense, aerospace, marine and industrial markets. This acquisition gives Cognizant access to a fast-growing market that the company estimates is worth $190 billion and growing at more than 10 percent annually.

Growth and synergy benefits

The acquisition is expected to generate annual revenue synergies of more than $100 million within three years. Belcan’s contribution to Cognizant’s revenue in 2024 will depend on the timing of the acquisition’s completion, but is estimated by the parties involved to be more than $800 million per year.

Belcan CEO Lance Kwasniewski will remain at the helm of Belcan, which will operate as an independent unit within Cognizant. According to Kwasniewski, the combination of the two companies will create value for customers and open up new opportunities for employees.

Transaction details

Cognizant and Belcan hope to close the acquisition in the third quarter of 2024, subject to necessary approvals. The total purchase price consists of $1.19 billion in cash and 1.47 million Cognizant shares. Cognizant will finance the cash payment with a mix of available resources and debt.

Cognizant plans to increase its share buyback program to maintain the current share count of 497 million through 2024.

Source: IT Daily

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