Oct 4: Security and Intelligence Services (India) Ltd (SIS), a market leader in security, cash logistics and facility management services, on Thursday announced that it has been awarded a three year contract valued at approximately Rs 300 crore to provide security solutions to 47 facilities of tech major Cognizant Technologies located across India.
As part of the contract, SIS will deploy around 5,000 security personnel in different categories to provide security services across 47 sites of Cognizant at Chennai, Bangalore, Kochi, Coimbatore, Pune, Mumbai, Kolkata. It is expected that full deployment for this contract will be completed in the month of October 2018.
Commenting on the development, Rituraj Sinha, Managing Director, SIS Group, said, “we are honoured to have been selected as a partner by Cognizant Technologies. This contract has further enhanced our market share in IT / BPO segment. SIS is proud to have continuing relationships with multiple IT/ BPO majors including TCS, Wipro, Concentrix.”
According to SIS, the first phase of the contract started in September 2018 and the next phase will commence in October 2018 but given the number of facilities of Cognizant Technologies, the company will incur significant transition and migration costs, starting Q3 FY2019. The scale and nature of these costs, which reflect the required scale of service delivery, are fully covered in the pricing model over the term of the contract, it added.