San Francisco, May 5 (IANS): Information technology company Cognizant on Tuesday announced it has entered into an agreement to acquire Collaborative Solutions, a privately-held global consultancy specialising in Workday enterprise cloud applications for finance and human resources.

Financial details of the transaction were not disclosed. The transaction is expected to close in the second quarter of 2020, subject to the satisfaction of certain closing conditions, including regulatory clearance.

The acquisition of Collaborative Solutions will add new finance and HR advisory and implementation services to Cognizant's cloud offerings.

Collaborative Solutions, one of the world's largest Workday consultancies, enables clients across financial services, healthcare, technology, government, education, and other organisations to transform their operations using enterprise cloud applications.

Services include strategy development, organisational change management, and the deployment and management of finance, HR, planning, and higher education solutions.

"Workday is a critical enterprise cloud suite that gives finance, HR and other functions greater resiliency and agility. Collaborative Solutions, with its rich expertise and leading position in the Workday ecosystem, expands our opportunity in cloud by establishing a new practice area in this large, fast-growing market," Greg Hyttenrauch, President, Digital Systems and Technology, Cognizant, said in a statement.

Founded in 2003, Collaborative Solutions is headquartered near Washington, DC, and has more than 1,000 employees worldwide.