According to Cognizant's 2015 financial statements, banking and financial services accounted for 40 percent of the company's revenues. Meritsoft's offering of complementary IT solutions would be an attractive acquisition option for Cognizant. "Increased compliance and regulatory obligations, focus on operational efficiency, and a range of new digital technologies are among the forces that have led many of the world's leading financial institutions to automate processes using Meritsoft and its FINBOS platform," said Sean Middleton, President, Cognizant Accelerator. "Banking and financial services is one of the largest industries that Cognizant serves. Meritsoft brings proven automation expertise in case management, regulatory compliance, payment and settlement of claims, and tax and brokerage cash flows to help our clients in transforming their business for the digital era." The purchase was made for an undisclosed sum.