Cognizant To Buy UK's Mobica To Boost IoT Services

Cognizant Technology Solutions Corp. (CTSH), an IT services and consulting firm, said on Monday that that it has inked a deal to acquire Mobica, a British IoT software services provider, for an undisclosed sum.

Cognizant believes that the acquisition, expected to conclude in February, will boost its IoT embedded software engineering, a fast-growing segment of the IoT.

Cognizant said, "Market intelligence firm IDC forecasts global product engineering spending to increase from $83 billion in 2021 to $164 billion by 2026."

Once the deal is complete, Cognizant plans to add nearly 900 staff across Europe and North America, including around 550 engineers in Poland.

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