Softvision, established by local entrepreneur Laurentiu Russo in 1994, has a team of approximately 1,700 IT experts.
Softvision provides software solutions and IT advisory services, especially for the American market. In October 2018, Softivision SRL was acquired by U.S. information technology giant Cognizant Technology, within a transaction estimated at almost $550 million.
Softvision reported a net turnover of RON248.7 million (EUR53.4 million) in 2018, up 27% versus 2017, and a net profit of RON18.8 million, up 28% versus 2017, according to Finance Ministry data.
Besides expanding the team, the Digital Engineering division of Cognizant plans to launch new design studios in key areas in Bucharest, Iasi and Timisoara.
Cognizant Softvision’s global clients include Groupon, Macy’s and Mozilla.
Romania is the hub of Cognizant Softvision’s global network whose portfolio includes more than 3,000 products developed, as well as design and IT professionals working in 30 studios across nine countries on five continents.
Cognizant reported revenues of $16.13 billion in 2018. The new Cognizant Softvision brand was officially launched in August at Untold, an annual European music festival.