Gurgaon got hotter on the global financial map on Friday with Nasdaq-listed Cognizant Technology Solutions announcing that it had signed an agreement to buy healthcare specialist knowledge process outsourcing (KPO) firm marketRX Inc for $135 million in cash.
Though headquartered in New Jersey, marketRX is centred around Gurgaon where about 260 of its 430 global employees work. Its top two executives, chief executive officer Jaswinder Chadha and the head of its Indian unit, Subinder Khurana, are both alumni of the Indian Institute of Technology (IIT), Delhi.
The acquisition of marketRX marks the latest of big global technology buyout deals happening out of the National Capital Region since 2002, when Wipro acquired call cenre firm Spectramind for more than $100 million.
The year 2004 saw three big deals from Gurgaon. IBM acquired Daksh e-Services in a deal estimated between $160 and 170 millio, while Flextronics picked up 55 per cent in telecoms technology firm Hughes Software for $226 million. The company has since been renamed Aricent.
Later that year, Genpact was formed after General Electric hived off its office service unit GECIS, in which three private equity firms picked up 60 per cent for $800 million.
marketRx, Inc. provides analytics and related software services to global life sciences companies in the pharmaceutical, biotechnology and medical devices segments. Cognizant, like marketRX, is in effect an Indian company, though headquatered in the US, and ranks alongside Tata Consultancy Services, Infosys and Wipro among India’s leading IT export companies.
“marketRx brings an impressive 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,” Cognizant said in a statement.
The transaction is expected to close in the fourth quarter of 2007.