SIS wins Rs. 300 crores contract from Cognizant Technologies to deliver Security Solutions
Deepthi | Myequity news | Date : 04-10-2018 14:30:00 IST
Security and Intelligence Services (India) Limited, a market leader in security, cash logistics and facility management services, has been awarded a three year contract valued at approximately Rs. 300 crores to provide security solutions to 47 facilities of 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.
Mr. Rituraj Sinha, Managing Director, SIS Group commented: “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. 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, SIS 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.”
SIS was founded in 1985 and has grown to become one of the leading providers of private security and facility management services. SIS offers a wide range of services comprising security services, cash logistics services and electronic security and home alarm monitoring and response, as well as facility management services. SIS is the first private security services company to list on the BSE Limited and National Stock Exchange of India Limited. Global revenue amounted to Rs. 5,833 crores in FY18 and SIS has over 180,000 trained personnel delivering security, facility management and cash logistics services, and activities in India and Australia serving several customer segments across a variety of industries and sectors.