According to a latest update, IT major Cognizant  has bagged a multi-year deal from Royal Philips Electronics. If reports are to be believed, the latest deal has been signed to drive technology-enabled business transformation and growth programs for Philips. 

It is reportedly said that Cognizant's engagement will enable the lighting and consumer lifestyle solutions provider, Philips to changeover to a platform and output-based managed service model across its various business lines and corporate functions. 

Under the latest deal between Cognizant and Philips, the former will offer a comprehensive range of consulting and application services across all parts of the world. It will ultimately help Philips to merge, rationalize and boost its IT landscape by improving its operational efficiency, business agility, and governance. 

According to Jeroen Tas, Executive Vice President and Chief Information Officer at Philips, relationship with Cognizant will allow Philips to leverage its consulting, domain, and technology capabilities for the business transformation programme. 

The financial details of the deal have not been disclosed by any of the firms.