Chennai, Sep 15 (IANS): Nasdaq listed information technology (IT) company Cognizant Monday announced its decision to acquire TriZetto Corporation for $2.7 billion in cash.

In a statement, Cognizant said it has entered into a definitive agreement to acquire TriZetto Corporation for $2.7 billion in cash, subject to customary adjustments.

The privately held TriZetto, based in Englewood, is a leading provider of healthcare IT software and solutions.

"Cognizant intends to finance the transaction through a combination of cash on hand and debt, and has secured $1 billion of committed financing in support of the transaction. The transaction is expected to close in the fourth quarter of 2014," the statement said.

"Healthcare is undergoing structural shifts due to reform, cost pressure and shifting responsibilities between payers and providers. This creates a significant growth opportunity, which TriZetto will help us capture," Francisco D'Souza, CEO of Cognizant, was quoted in the statement.

TriZetto and its 3,700 employees will be a part of Cognizant's existing healthcare business, which currently serves more than 200 clients.