Fortune 500 company buys software developer founded by Romanian entrepreneur in Cluj-Napoca

Cognizant, one of the top 200 U.S. companies in terms of revenues, has reached a definitive agreement to acquire Softvision, a privately-held digital engineering and consulting company focused on the development of innovative software solutions and platforms.

The deal’s terms were not disclosed but sources quoted by Reuters said Cognizant may have paid USD 550 million for this acquisition. The transaction is expected to close in the fourth quarter of 2018 subject to the satisfaction of the closing conditions, including regulatory review.

 

Softvision was launched in the Romanian city of Cluj-Napoca by local entrepreneur Laurentiu Russo, who is currently the company’s Chief Technology Officer (CTO). “This is an exciting next step in our evolution started 20 years ago in Romania servicing cutting-edge technology companies and scaling to work with the world’s top brands,” Russo said.

Softvision, which is now based in Austin, Texas, works with Fortune 500 clients in financial services, retail, consumer products, healthcare, and other industries. Softvision’s agile delivery teams, called pods, combine a global network of design, technical and engineering experts, working collaboratively in studios, to help clients create digital consumer products and scalable digital platforms. Softvision’s network includes over 2,850 creative technologists and the company still has a significant presence in the digital engineering hub of Romania, according to an official press release.

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