IT services firm Coforge has agreed to acquire U.S.-based AI and digital engineering firm Encora for an enterprise value of $2.35 billion in an all-stock transaction. The deal, financed through a preferential equity share issuance, will result in Encora's current shareholders, including private equity firms Advent International and Warburg Pincus, holding approximately 20% of Coforge's expanded share capital. The combined entity is projected to become a $2.5 billion tech services powerhouse, with significant revenue expected from AI-led engineering, cloud, and data services.