Coforge faces Street wrath on lack of guidance, Cigniti acquisition
New Delhi, May 3 -- Coforge Ltd's investors grappled with too many things on Friday. Firstly, the March quarter (Q4FY24) results did not bring any cheer. But more disappointing was the lack of clear revenue growth guidance for FY25, a break from the company's usual practice, which raised concerns about future revenue visibility.
Amid this, Coforge has decided to acquire 54% stake in Cigniti Technologies through a cash-cum-stock swap deal and will eventually merge it post the required approvals. Cigniti Technologies is an artificial intelligence (AI) and IP-led digital assurance and digital engineering services company.
With this deal, Corforge aims to scale its retail vertical and expand geographical presence. Further, Cigniti acquisiti...
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