Teaneck, NJ-based Cognizant Technology Solutions Corp, a financial services shop, today issued a press release about a new partnership with ING U.S. “to offer a comprehensive array of insurance business process services.” The seven-year venture is worth $330 million, according to the release.
ING U.S. is the U.S.-based retirement, investment management, and insurance operations of Dutch-based ING Groep N.V., which has publicly stated that it is looking to divest itself of its European Insurance/Investment Management businesses, via an initial public offering, as well as an IPO of its US Insurance/Investment Management business to comply with requirements attached to the 10 billion euro bailout that it received from the Dutch government in 2008. The firm has to split up its assets by the end of 2013.
Dana Ripley, a spokesman for ING, said today’s announcement involves ING’s life insurance and annuities businesses but that the retirement and investment management units are still slated to be taken public. He declined to comment on the timeline for the IPOs.