Cognizant Technology Solutions, the Nasdaq-listed $1 biliion provider of global IT and business process outsourcing services, today announced that it has signed a definitive agreement to acquire New Jersey-based marketRx, Inc., a provider of analytics and related software services to global Life Sciences companies in the pharmaceutical, biotechnology and medical devices segments.
Cognizant will pay approximately $135 million in cash, which will be funded from current cash reserves. Sequoia Capital has been a key investor in marketRx, which employs around 450 people.
According to a statement from Cognizant, this acquisition strengthens Cognizant's offerings across all areas of the Life Sciences value chain - from Research & Development and Manufacturing to Sales & Marketing Operations. marketRx combines analytics, market research and software services to provide web-based solutions in three functional areas for Life Sciences companies: Sales Management & Operations, Brand Marketing & Product Management and Market Research.
marketRx brings an client base to Cognizant representing a total of 75 Life Sciences customers, including all of the largest 20 pharmaceutical companies and 4 out of the top 5 biotech companies.
Read more in The Business Standard article.
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