Cognizant (NASDAQ: CTSH) today announced that it has been selected by Bonnier Group, the Nordic-headquartered international media group, to standardise its finance and accounting processes.

As part of the initial five–year agreement, Cognizant will streamline and automate a broad range of accounting services, including purchase-to-pay, order-to-cash and records-to-report in Norway, Sweden, Finland and Denmark and help the Group drive higher levels of cost efficiencies.

“We selected Cognizant due to its extensive experience and track record in providing value to global corporations in supporting finance and accounting processes,” said Åsa Thunberg, CEO of Bonnier Solutions. “By driving higher levels of efficiency in the processes, we will be able to free up resources to invest in the further development of Bonnier’s media businesses.”

“We are pleased that Bonnier has selected Cognizant to implement a shared vision of best-in-class F&A processes,” said Kaushik Sarkar, Vice President and Head of Nordics and Baltics at Cognizant. “By bringing together our deep expertise in technology, automation and analytics to Bonnier’s finance and accounting processes, we will help the Group drive higher levels of process standardisation and governance across multiple geographies.”