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Cognizant Technology Solutions (NASDAQ: CTSH) is a globally renowned professional services company headquartered in Teaneck, New Jersey. Ranked 195 on the Fortune 500 list, Cognizant is celebrated for its innovative approach in transforming clients' business, operating, and technology models to thrive in the digital era. Employing nearly 300,000 people worldwide, with a significant portion situated in India, Cognizant offers comprehensive IT services including consulting and outsourcing to a diverse clientele across finance, healthcare, media, and more.
Recent Achievements and Partnerships:
- In April 2024, Cognizant partnered with McCormick & Company, Inc. to overhaul its global technology infrastructure using AI-powered tools, enhancing service productivity and user experience.
- The company announced its first quarter 2024 financial results, showcasing a robust performance with significant revenue and margin growth, driven by strategic deals and operational efficiencies.
- Cognizant continues to expand its philanthropic efforts through the Synapse program, having awarded $70 million in grants to uplift underrepresented communities and bridge skill gaps globally.
- The company has deepened its collaboration with Microsoft, acquiring 25,000 Microsoft 365 Copilot seats to enhance productivity and integrating AI for business transformation, further solidifying its market position.
- Cognizant also recently announced the acquisition of Belcan, LLC for approximately $1.3 billion, strengthening its ER&D capabilities and expanding its footprint in aerospace and defense sectors.
Financial Condition and Future Outlook:
Cognizant remains financially robust, consistently returning capital to shareholders through dividends and share repurchases. The company’s NextGen program and strategic acquisitions are set to drive future growth and innovation. With a focus on AI, cloud, and digital transformation, Cognizant is positioned to lead in delivering advanced technology solutions and maintaining a competitive edge in the global market.
Cognizant (Nasdaq: CTSH) has been selected by DSB, Denmark's largest railway operator, as the sole provider of offshore IT consulting services. This multi-year agreement aims to enhance DSB's data analytics, IoT, and software development capabilities, thereby improving train availability and customer experience. DSB expects to become more data-driven and sustainable through better connectivity and IoT-enabled assets. The collaboration is part of DSB's ongoing strategy to adapt to shifting transportation patterns post-pandemic and invest in electrification, while Cognizant leverages its expertise in sustainable transportation.
Cognizant (Nasdaq: CTSH) announced its participation in the Morgan Stanley Technology, Media & Telecom Conference, scheduled for March 8, 2023, at 11:35 AM EST. Chief Financial Officer Jan Siegmund will present at the event. Live audio webcasts will be available on Cognizant's website with a replay accessible for 90 days. The conference aims to showcase Cognizant's role in modernizing technology and transforming business processes, aligning with its mission to engineer modern businesses. For more details, visit investors.cognizant.com.
Cognizant (Nasdaq: CTSH) has appointed Nella Domenici to its Board of Directors as an independent director, effective February 21, 2023. With this addition, the Board expands to 13 members, 12 of whom are independent. Domenici has extensive experience in strategic finance, M&A, and corporate strategy, previously serving as CFO at Dataminr and Bridgewater Associates. Her expertise in capital markets is expected to enhance Cognizant's growth strategy. This marks the sixth new independent director added in the last four years as part of the Board's refreshment initiative.
Cognizant has partnered with Orica to implement a digital platform for real-time monitoring and forecasting of greenhouse gas emissions as part of Orica's Net Zero strategy. This initiative supports Orica’s AUD 37 million (
Cognizant (NASDAQ: CTSH) received recognition as a technology leader in Q4 2022 by independent analyst firms across multiple sectors, including banking, insurance, and healthcare. In total, Cognizant was highlighted in 17 reports, showcasing its strengths in partnerships with firms like Workday and Guidewire, along with advanced solutions in automation and cloud technology. In 2022, Cognizant was named a leader in 53 different reports. Gaurav Chand, EVP, noted the company's commitment to delivering transformative solutions, underscoring its role in helping clients modernize their operations and embrace digital transformation.
Cognizant (Nasdaq: CTSH) announced the appointment of Eric Branderiz as an independent director effective February 21, 2023, expanding its Board from 11 to 12 members. Branderiz brings over 26 years of experience in finance and C-suite roles in the energy and technology sectors, including prior positions at Enphase Energy and Tesla. In conjunction with this appointment, Maureen Breakiron-Evans will not stand for re-election at the upcoming 2023 Annual Meeting. The Board aims to optimize its composition to drive growth and shareholder value, reflecting ongoing refreshment efforts with five new independent directors appointed in the last four years.
Cognizant (CTSH) reported Q4 2022 revenue of $4.8 billion, a 1.3% increase year-over-year, with full-year revenue reaching $19.4 billion, up 5%. Operating cash flow for the year was $2.6 billion, while free cash flow stood at $2.2 billion. Shareholders benefitted from $2 billion returned through dividends and repurchases. A cash dividend of $0.29 per share was announced for Q1 2023, reflecting a 7% increase. Guidance for Q1 2023 projects revenue decline of 1.5% to 2.5%. A $59 million impairment related to a health sciences contract negatively impacted margins and EPS. The company appointed Eric Branderiz as an independent director.
NICE and Cognizant have launched a strategic partnership aimed at enhancing customer experience (CX) transformation through integrated cloud solutions. This collaboration combines Cognizant's expertise in business transformation with NICE CXone's advanced CX platform, facilitating the adoption of digital and AI-driven solutions for organizations. The partnership is expected to create significant growth opportunities within their customer bases, focusing on improving customer and agent experiences via a unified CCaaS suite. Previous collaborations have successfully reduced wait times and accelerated platform deployments.
Cognizant (NASDAQ: CTSH) has signed a new 10-year services agreement valued at approximately $1 billion with CoreLogic, enhancing their longstanding partnership. This agreement aims to leverage Cognizant's digital transformation expertise, focusing on cloud migration, automation, and platform innovations that will lower technology costs for CoreLogic. The collaboration seeks to improve customer experience and operational efficiency within the real estate sector. Since 2011, Cognizant has provided application development, analytical modeling, and business process services to CoreLogic, reinforcing their strategic relationship.
Cognizant has announced an agreement to acquire Mobica, a Manchester-based IoT software engineering services provider. This acquisition, expected to close in February 2023, will enhance Cognizant's embedded software engineering capabilities in the technology and automotive sectors, adding nearly 900 employees, including 550 engineers in Poland. Recognized for its expertise in digital transformation, Mobica's integration will help Cognizant tap into a growing market projected to reach $164 billion by 2026. Financial details were not disclosed, but the move aims to strengthen Cognizant's offerings and competitive edge in enterprise digital transformation.
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