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Cognizant Buys Pharma Specialist marketRx
IT and BPO outsourcing firm Cognizant Technology Solutions Corporation is to acquire NJ-based Life Sciences analytics firm marketRx, Inc., for c.$135m in cash.
The buy will be funded from current cash reserves and, subject to the usual hurdles, is expected to close before the end of the year.
marketRx's analytics, market research and software services provide web-based solutions for clients in the areas of sales management & operations, brand marketing & product management, as well as MR. Its client base of 75 Life Sciences firms include all of the largest 20 pharmaceutical companies and 4 out of the top 5 biotech companies.
Cognizant says the deal will fill out its broad offering across the Life Sciences value chain, from R&D to manufacturing to marketing. Francisco D'Souza, President and CEO welcomes marketRx's 'proven global delivery model for analytics, deep domain knowledge and proprietary analytics software platform...' and enthuses: 'We expect to leverage these assets to establish a pre-eminent position in the fast-growing analytics market both in Life Sciences and other industries.'
Jaswinder (Jassi) Chadha, marketRx's founder, President & CEO says the deal, based on 'a great cultural fit' including the firms' 'high-touch onsite/offshore model and overall vision for the future of the global services industry', will enable his company to extend its capabilities to other vertical markets.
Reports suggest that a number of other firms expressed interest in buying marketRx, including InfoSys Technologies, rival of Nielsen's new partner TCS (see article today ).
Founded in 2000, marketRx has over 430 employees in the U.S., India and Europe. Cognizant has approximately 49,000 employees and delivers high-quality, cost-effective solutions through its development centers in India and on-site client teams. Web sites are at www.marketrx.com and www.cognizant.com.
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