UPDATE 1-Cognizant buys UBS back office provider for $75 mln

* Cognizant to provide range of services to UBS

* To receive about $442 million of rev under deal with UBS

Oct 15 (Reuters) - IT services provider Cognizant Technology Solutions Corp (CTSH.O) agreed to acquire UBS India Service Centre Private Ltd for about $75 million to strengthen its position in financial services, one of its key markets.

The UBS ISC, the Hyderabad, India-based captive service provider to the UBS Group, currently employs about 2,000 associates.

Cognizant expects to receive about $442 million of revenue under a services agreement with UBS AG (UBSN.VX) (UBS.N) during 5-year term, a regulatory filing showed.

UBS and Cognizant have entered into a multi-year services deal under which Cognizant will provide business process outsourcing, knowledge process outsourcing, IT and remote infrastructure management services to UBS divisions around the globe.

Cognizant shares closed at $39.67 Wednesday on the Nasdaq.

--For more on how global financial services firms are looking to shed their India back office operations, click [ID:nBNG501720] (Reporting by S. John Tilak in Bangalore; Editing by Ratul Ray Chaudhuri)