Mid-tier IT services company Coforge on Friday said it has completed the acquisition of Hyderabad-based Cigniti Technologies, following shareholder approval and final clearance from the National Company Law Tribunal (NCLT), completing all the regulatory requirements.
The acquisition has helped Coforge “expand its healthcare business and grow its presence in the Midwest and Western regions of the US,” the Noida-headquartered company said in a statement. “The results are now reflected in the data,” it added.
Cigniti shareholders will get one equity share of Coforge (₹2 face value) for each share held (₹10 face value) under the agreed-upon terms, which reflect a revised 1:1 exchange ratio following Coforge’s stock split (in June 2025). Economically, the ratio is the same as the previous 1:5 exchange.
Coforge had announced its acquisition of Cigniti in May 2024, starting with a 54% stake in at nearly ₹2,000 crore. The purchase was expected to help Coforge grow into a $2-billion firm by FY27, adding 28 new Fortune 500 clients to which it could cross-sell its services, enabling it to participate in specialised assurance services. The acquisition is a textbook example of a firm making a contrarian bet that has worked out and yielded exceptional results, Coforge chief executive officer Sudhir Singh said.
The combined entity creates a $2.5 billion firm, Coforge said, with a $2 billion enterprise core of AI-led engineering, data and cloud service.
Source: Economic Times