Cognizant Technology Solutions, the US-based leading provider of information technology, consulting, and business process outsourcing services, and the Norway-based Visma, provider of business software and services for accounting and administration, have entered into an outsourcing arrangement with Norway Post to deliver finance and accounting (F&A) services.

Cognizant did not reveal the deal size, but in a press release termed it “one of the largest Norwegian outsourcing contracts.”

Norway Post, which is owned by the Norwegian Ministry of Transport and Communications, develops and delivers integrated, value-adding communications and logistics solutions to domestic and international customers through physical and electronic networks.

Visma brings in local Norwegian accounting and regulatory expertise to the table and is responsible and accountable for ensuring that the delivery adheres to Norwegian Tax Laws, said Mr Santosh Thomas, Senior Vice-President and Head of Continental European Operations, Cognizant.

Localised approach

The European market demands a localised approach to address lingual and cultural differences. Cognizant's strategy is to hire local talent for local domain, regulatory and language capabilities and better cultural compatibility and enter into transformational partnerships, he said.

Today, Cognizant serves marquee clients in Continental Europe such as UBS, Credit Suisse, Volvo, Sanofi Pasteur, AXA, Deutsche Telekom and Continental AG (the last two jointly with T-Systems), he said.

It is in dollar terms, which is Cognizant's reporting currency revenues from Continental Europe (excluding the UK) grew by 11.7 per cent on a sequential basis to $93 million for the first quarter ended March 31, 2011. The company's key markets in the Continent are Switzerland, Benelux, Germany, France and Nordics,

Continental Europe IT spend is estimated to grow to $206 billion in 2013 from $185 billion in 2010, he said.

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