Cognizant To Acquire marketRx, A Leading Provider Of Life Sciences Market Analytics
October 18th, 2007, Teaneck, NJ - October 18, 2007 - Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of global IT and business process outsourcing services, today announced that it has signed a definitive agreement to acquire NJ-based marketRx, Inc., a leading 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.
This acquisition strengthens Cognizant's full-suite of 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 scalable, web-based solutions in three functional areas for Life Sciences companies: Sales Management & Operations, Brand Marketing & Product Management and Market Research. 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.
"We welcome the marketRx employees and management team to Cognizant. This acquisition expands our capabilities in the analytics segment and broadens our service offerings for the Life Sciences industry, while providing strong synergies with our existing Business Intelligence/Data Warehousing and CRM services," said Francisco D'Souza, president and CEO, Cognizant. �marketRx's proven global delivery model for analytics, deep domain knowledge and proprietary analytics software platform have helped the Company build an impressive client list in the Life Sciences market and yield strong organic growth. 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."
"We are very pleased to join the Cognizant family. The combination of our market leading position in the Life Sciences analytics segment and Cognizant's strengths as a top global services player will allow us to expand our relationships with our Life Sciences clients by providing them with a broader range of outsourced services, and conversely enables us to extend our capabilities to other vertical markets," said Jaswinder (Jassi) Chadha, founder, president & CEO, marketRx, Inc. "We found a great cultural fit between both companies in terms of entrepreneurial spirit, commitments to client satisfaction, strong client retention record, proven high-touch onsite/offshore model and overall vision for the future of the global services industry."
Subject to the satisfaction of certain closing conditions, the transaction is expected to close in the fourth quarter of 2007.
ABOUT MARKETRX
marketRx combines analytics, market research and technology to provide solutions that enable our customers at global pharmaceutical and biotechnology companies to improve the effectiveness of their sales and marketing initiatives.Our business delivery model combines extensive industry knowledge with global online market research and analytical expertise to deliver actionable solutions in sales force strategy, tactical planning, targeting, brand management, quick-turnaround market research, segmentation, sales and marketing metrics, forecasting and brand tracking. Our technology enabled solutions also enable our customers to build internal capabilities by leveraging our R&D focus.
With almost all of the top-20 global pharmaceutical companies as customers and work in over 20 different countries, marketRx is the leading provider of integrated sales and marketing effectiveness solutions.
About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
Contact:
Vikas Vats
marketRx, Inc.
marketing@marketrx.com
908-541-0045
Sumir Chadha
SEQUOIA CAPITAL
sumir.chadha@sequoiacap.com
