Cognizant Completes Acquisition Of Belcan; Updates Guidance To Include Belcan Impact

(RTTNews) - Cognizant (CTSH) completed the acquisition of Belcan for approximately $1.3 billion in cash and stock. Belcan is a global supplier of Engineering Research & Development services for the commercial aerospace, defense, space, marine and industrial verticals. The strategic acquisition strengthens Cognizant's engineering capabilities.

Also, Cognizant updated third quarter and full year 2024 guidance to include Belcan impact. Full-year 2024 adjusted EPS is expected to be in the range of $4.56 to $4.64. Full-year revenue is expected to be approximately $19.5 - $19.8 billion, an increase of 0.9% to 2.4% as reported and on a constant currency basis. Third quarter revenue is expected to be $4.95 - $5.02 billion, an increase of 1.1% to 2.6% as reported, or an increase of 1.3% to 2.8% in constant currency, reflecting the impact of approximately one month of Belcan within Cognizant.

The company noted that there have been no changes to the underlying forward looking business outlook provided in the second quarter 2024 earnings release on July 31, 2024.