Cognizant (Nasdaq: CTSH) is buying ValueSource NV for an undisclosed amount.

ValueSource provides offshore software development and maintenance services to financial services and insurance companies.

Cognizant reached a deal with insurance company KBC Group (NYSE Euronext: KBC), a bank insurance group, to provide application development, maintenance and testing services to KBC. Brussels-based KBC sold Cognizant ValueSource as part of that agreement.

The Teaneck, N.J.-based buyer provides information technology, consulting and business process outsourcing services. Cognizant also made an acquisition on Oct. 2, buying Equinox Consulting, a financial services consulting firm based in Paris.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.