TEANECK, N.J. (AP) -- Cognizant Technology Solutions Corp. announced Thursday that it has a seven-year, $330 million agreement to provide financial and insurance support services to ING U.S., the domestic arm of Dutch financial services company ING Groep N.V.
Cognizent, based in Teaneck, N.J., provides information technology, consulting and business processing outsourcing services to financial institutions around the world.
ING will pay Cognizant $330 million for its services. And under the agreement, Cognizant will hire more than 1,000 ING U.S. employees in Minot, N.D., and Des Moines, Iowa. It will purchase ING U.S.'s existing facility in Minot and sub-lease offices in the current ING U.S. facility in Des Moines to create centers focused on insurance and financial processing services.
The deal will allow Cognizant to provide an expanded range of services to all its clients. It already provides similar service to more than 40 clients in the insurance and financial industries.
Cognizant's shares rose 48 cents to close at $59.09. ING's shares rose 14 cents, or 2.4 percent, to close at $5.93.
