Coforge Limited and Cigniti Technologies Limited have completed all regulatory formalities required to make their scheme of amalgamation effective, following the filing of the certified copy of the National Company Law Tribunal (NCLT) Chandigarh Bench order with the Registrar of Companies, Haryana. With this filing, Cigniti Technologies stands amalgamated with Coforge and is dissolved without being wound up, creating a $2.50 billion AI-native engineering services leader. The Appointed Date for the merger remains April 1, 2025, as sanctioned by the NCLT.

Scheme Effectiveness and Next Steps

In a regulatory disclosure dated May 05, 2026, Coforge confirmed that both the Transferor Company (Cigniti Technologies) and the Transferee Company (Coforge) have complied with all conditions specified in Clause 28 of the Scheme. The Board of Directors of Coforge, at its meeting scheduled on May 5, 2026, is set to consider and fix the record date for determining Cigniti shareholders whose equity shares shall stand cancelled and to whom new equity shares of Coforge will be issued in accordance with the swap ratio outlined in the Scheme.

Overwhelming Shareholder Approval

The merger had received exceptional support from all stakeholder classes across both companies prior to NCLT sanction. The voting results demonstrated strong confidence in the strategic combination:

No objections were received from any stakeholder during the approval process, reflecting unanimous confidence in the merger's strategic value.

Share Exchange and Financial Structure

The merger operates under a 1:1 share exchange ratio, where Cigniti shareholders will receive one equity share of Coforge (INR 2 face value) for every one equity share of Cigniti Technologies (INR 10 face value). This ratio was mathematically adjusted from the original 1:5 ratio following Coforge's stock split on March 04, 2025, which subdivided each INR 10 share into five INR 2 shares. The valuation was conducted by registered valuers PwC Business Consulting Services LLP and KPMG Valuation Services LLP, with fairness opinions provided by JM Financial Limited and Axis Capital Limited confirming the exchange ratio's appropriateness.

Regulatory Compliance and Implementation

The NCLT order mandates comprehensive transfer of all assets, liabilities, and obligations from Cigniti to Coforge, effective from the appointed date. All employees of Cigniti will become Coforge employees without service interruption and on terms no less favorable than their current arrangements. The merger received clearances from all regulatory authorities, including SEBI, BSE, and NSE, with no adverse observations reported. Coforge has also committed to assume all tax liabilities of Cigniti Technologies, whether pending, completed, or likely to arise. The Income Tax Department had raised objections regarding outstanding tax demands aggregating to Rs. 28,63,99,207 against Cigniti and Rs. 3,04,77,45,392 against Coforge, with the tribunal's order explicitly preserving the rights of the Income Tax Department to determine tax implications independently, including applicability of General Anti-Avoidance Rules (GAAR).

Strategic Market Positioning and Value Creation

The combined entity creates a $2.50 billion firm with a $2.00 billion enterprise core focused exclusively on AI-led Engineering, Data and Cloud services. This merger strategically positions Coforge to leverage Cigniti's established relationships and expand its healthcare business while strengthening its presence in the Midwest and Western regions of the United States. The successful integration has demonstrated exceptional value creation, with Cigniti signing its first large deal worth $24 million within six months of acquisition and a second deal worth $62 million within nine months.

Coforge has achieved dual recognition as a Leader and Star Performer in the Everest Group Duck Creek Services PEAK Matrix Assessment 2026, positioning the AI-native engineering services company at the forefront of insurance technology transformation. This recognition highlights Coforge's sustained momentum in the Duck Creek services market as insurers accelerate cloud-native modernization and prioritize faster time-to-value from core platforms.

Assessment Methodology and Recognition

The Everest Group evaluation assessed contenders across two key dimensions: market impact and vision & capability. Coforge's dual recognition reflects strong performance across both areas, with the Star Performer designation specifically acknowledging providers demonstrating the most significant year-on-year improvement across multiple assessment parameters.

Technology Platform and AI Capabilities

Coforge's recognition stems from its comprehensive AI-led solutions and proprietary technology investments. The company's Forge-X AI-enabled engineering platform has delivered substantial performance improvements, achieving up to 50.00% gains across the delivery lifecycle. This enhancement enables faster and more scalable modernization outcomes for insurance carriers pursuing digital transformation initiatives.

The company's AI-powered agentic assets include:

• Submission Centre for streamlined application processing
• State & Product Rollout Factory for market expansion
• Claims Triaging Centre for automated claim management
• Global Expansion solutions for international operations
• Core Platform Modernisation frameworks

Industry Expert Commentary

Rugved Sawant, Practice Director at Everest Group, emphasized Coforge's accelerated Duck Creek services momentum through its SaaS-first modernization approach. The assessment highlighted the company's specialized playbooks and Duck Creek OnDemand remediation accelerators that improve delivery predictability for cloud migrations and upgrades.

Leadership Perspective and Market Position

Rajeev Batra, Global Insurance Practice Head at Coforge, attributed the recognition to the company's AI-native engineering approach and deep Property and Casualty insurance industry expertise. The company's focus on industrialized delivery, integration-led engineering, and continuous release readiness enables insurers to manage complex modernization journeys with enhanced predictability and reduced operational risk.

Rohit Mehra, Chief Business Officer at Coforge, highlighted the company's strengthened delivery capabilities, noting over 1,200 certified professionals across North America, Europe, Asia, and India. This global talent pool supports comprehensive Duck Creek lifecycle services, from implementation and cloud migration to testing automation and post-implementation support.

Service Portfolio and Global Reach

Coforge's Duck Creek services practice combines deep industry leadership with insurance-trained AI agents and a comprehensive global delivery footprint. The company's proprietary accelerators span the complete Duck Creek lifecycle, embedding responsible AI capabilities to enable end-to-end enterprise transformation for commercial and specialty insurers.