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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) announced a commitment of $5.3 million to support 14 organizations in the U.S. and Canada, aimed at enhancing STEM education and expanding career pathways in technology. This funding aligns with Cognizant's goal to leverage technology for community improvement and promote diversity in tech careers. The initiative is part of Cognizant's ongoing efforts, which include a $250 million global corporate social responsibility initiative launched in 2021, helping over 70 organizations since 2018 to foster economic mobility and educational opportunities.
Cognizant (Nasdaq: CTSH) announced the acquisition of Utegration LLC, a Houston-based consulting firm specializing in SAP technology for energy and utilities. The deal aims to enhance Cognizant's SAP capabilities and broaden its intellectual property portfolio. The acquisition is expected to close by year-end 2022 and will add approximately 350 employees. Utegration serves over 50 clients in North America and focuses on key areas such as customer experience and data analytics. This acquisition aligns with a forecasted growth in IT spending in the power and utilities market, expected to reach $175 billion.
Cognizant (Nasdaq: CTSH) announced its participation in the UBS Global TMT Conference on December 7, 2022, at 8:20 AM ET. CEO Brian Humphries will present at the event. Live audio webcasts will be available on Cognizant's investor website, with replays accessible for 90 days post-event. Cognizant specializes in modernizing technology and transforming business processes, enhancing customer experiences to foster growth.
Cognizant (NASDAQ: CTSH) announced its agreement to acquire AustinCSI, a consultancy focused on enterprise cloud and data analytics advisory services. This acquisition aims to enhance Cognizant's consulting capabilities, leveraging AustinCSI's expertise to meet increasing client demand for digital transformation. With over 175 consultants, AustinCSI specializes in optimizing business outcomes across industries like telecommunications and automotive. The deal is expected to close in Q4 2022 and supports Cognizant's strategy of expanding its advisory services in technology areas such as AI, cloud, and IoT.
Cognizant (NASDAQ: CTSH) has been recognized as a Leader in the Life Sciences Digital Services Peak Matrix® Assessment 2022 by Everest Group. This accolade emphasizes Cognizant's domain expertise and expanding portfolio in life sciences, particularly in medical device enhancements and clinical trials. The assessment reviewed 31 global digital providers, highlighting Cognizant's partnerships with notable firms like Philips and Medidata, alongside its strategic acquisitions such as TQS and Zenith. The company's innovative solutions like OneCare and Neuro are also acknowledged for meeting industry needs.
Cognizant (Nasdaq: CTSH) has been selected by VodafoneZiggo to enhance its cloud infrastructure and mobile network services over a five-year managed services agreement. This partnership aims to improve service availability and reliability, benefiting over 5 million customers in The Netherlands. Cognizant will automate and streamline VodafoneZiggo's IT operations, reducing total ownership costs and accelerating service deployments. The collaboration is positioned to support VodafoneZiggo's growth amidst increasing demand for digital services.
Cognizant (CTSH) reported Q3 2022 revenue of $4.9 billion, a 2.4% increase year-over-year, with operating margin rising to 16.4%. Despite fulfilling challenges and a tough macroeconomic landscape, the company remains optimistic about future growth. Free cash flow was $953 million and significant shareholder returns included $1.5 billion in buybacks and dividends year-to-date. The outlook for Q4 revenue is projected between $4.72 billion and $4.77 billion, reflecting slight declines but positive growth in constant currency.
Cognizant (NASDAQ: CTSH) announced an agreement to acquire the professional services and application management practices of OneSource Virtual, a Workday partner based in Dallas, Texas. This acquisition aims to enhance Cognizant’s existing finance and HR advisory services, expanding its capabilities in consulting, deployment, and post-deployment support across North America and the UK. Cognizant will gain nearly 400 employees, boosting its expertise in Workday implementation. The acquisition is expected to close by year-end 2022, subject to conditions, though financial details were not disclosed.
Cognizant and Qualcomm have announced the opening of a new 5G Experience Center in Atlanta aimed at accelerating digital transformation across various industries. This center will leverage Cognizant's expertise in IoT, cloud, and data analytics alongside Qualcomm's 5G connectivity solutions to support enterprises. The center will focus on showcasing use cases in manufacturing and supply chain management, facilitating advanced solutions like autonomous mobile robots and enhanced video analytics to improve operational efficiencies.
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