The amount of the deal was not disclosed.
The acquisition expands Cognizant’s software-as-a-service platforms while Meritsoft will have access to Cognizant’s knowledge, resources and scale to accelerate growth.
Led by Kerril Burke, co-founder and CEO, Meritsoft provides an intelligent automation solution for managing taxes, fees, commissions, and cash flow functions between financial institutions. The company’s products are currently used by five of the world’s eight leading investment banks.
Meritsoft’s private equity investors were Synova and an affiliate of 22C Capital.
Cognizant is a professional services company that serves clients to build business, operating and technology models for the digital era helping them envision, build and run more innovative and efficient businesses. It is ranked 195 on the Fortune 500.