DALLAS, TX – Nov. 1, 2022 – OneSource Virtual Inc. to sell its global professional services and application management business to Cognizant
OneSource Virtual has entered into an agreement with Cognizant (Nasdaq: CTSH) to sell its professional services and application maintenance practices, enabling it to fully focus on its industry-leading HR, Payroll and Finance and Accounting Business Process as a Service (BPaaS) products for Workday customers.
“We believe that our shared value of customer centricity makes Cognizant the ideal home for our professional services and application management services businesses while we concentrate on the Business Process as a Service (BPaaS) market going forward,” said Trey Campbell, Chief Executive Officer of OneSource Virtual. “We also believe customers will appreciate the way this sharpens the focus of the professional services, application management and BPaaS teams and enables them to operate independently to speed up investment in new products and global expansion. In the end, what we are all about is providing growth and innovation for our customers, and we are confident that this will enhance our ability to do that more effectively.”
OneSource Virtual is a leading provider of BPaaS products and services to Workday customers. OSV will continue to operate in North America and Europe delivering outcome based BPaaS services that boost productivity, improve compliance, and increase internal capacity. OSV’s 800+ employees will continue to deliver HR, payroll and finance/accounting services to its growing list of customers. OSV services currently touch more than four million employees, efficiently moving over $100 billion in payroll and tax funds per year and over $2.5 billion in vendor invoices. OneSource Virtual’s commitment to service quality has been key to achieving high levels of customer satisfaction and retention.
“Adoption and migration to the cloud to manage workflows is only accelerating, and the Workday platform ecosystem continues to be embraced as a critical tool to provide finance, HR, and other functions greater resiliency and agility. Acquiring the professional services and application management practices from OneSource Virtual enables Cognizant to expand our client offerings and provide end-to-end support in the business transformation journey,” said Rob Vatter, Executive Vice President of Cognizant’s Enterprise Platform Services. “We are pleased to be welcoming the talented professionals from OneSource Virtual who will join Cognizant in growing and expanding our Workday capabilities globally.”
The sale is expected to close by year-end 2022, subject to satisfaction of closing conditions. Financial details were not disclosed.
About Cognizant
Cognizant (Nasdaq: CTSH) engineers modern businesses. We help our clients modernize technology, reimagine processes and transform experiences so they can stay ahead in our fast-changing world. Together, we’re improving everyday life. See how at www.cognizant.com or @cognizant.