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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 its agreement to acquire Linium, a consultancy specializing in the ServiceNow platform. The acquisition, marking Cognizant's seventh cloud-related purchase since January 2020, aims to enhance its cloud strategy and enterprise service management capabilities. Linium, which has executed over 3,500 engagements and holds more than 300 ServiceNow certifications, will add approximately 150 professionals to Cognizant's workforce. Financial details were not disclosed, but the deal is expected to close in Q1 2021.
Cognizant (CTSH) announced the acquisition of Servian, an Australia-based consultancy specializing in data analytics and digital services. This marks Cognizant's 10th digital-focused acquisition since January 2020, aiming to enhance its digital transformation capabilities in Australia and New Zealand. With Servian's expertise and team of over 500 professionals, Cognizant plans to strengthen its cloud and data services, expanding its market presence and supporting clients in their digital adoption journeys. The deal is expected to close in Q1 2021, pending regulatory approvals.
Aston Martin returns to Formula One after 60 years, partnering with Cognizant as their title sponsor. This multiyear collaboration aims to enhance Aston Martin's digital transformation and operational capabilities. The team will unveil its car livery and driver lineup featuring Sebastian Vettel and Lance Stroll in March 2021. Cognizant's expertise is expected to improve the team's performance on and off the track, aligning with Aston Martin's ambitious objectives in the sport.
Cognizant (Nasdaq: CTSH) has announced the acquisition of Inawisdom, a UK-based consultancy specializing in artificial intelligence, machine learning, and data analytics, to enhance decision-making for businesses. This acquisition marks Cognizant's ninth in 2020, part of a broader investment of over $1.1 billion in data and AI capabilities. The partnership will leverage Inawisdom’s Rapid Analytics and Machine Learning Platform (RAMP), built on AWS, to deliver full-stack solutions and improve client outcomes.
Cognizant (Nasdaq: CTSH) has successfully implemented a digital thread technology framework for Lexmark, enhancing its digital capabilities and earning Lexmark the 2020 Forrester/InfoWorld Enterprise Architecture Award. The 'Product Digital Thread' project, powered by Cognizant's BigDecisions® data modernization platform, offers Lexmark predictive analytics and improved product quality control. This collaboration is set to optimize operations and prevent revenue loss. Lexmark's recognition underscores the effective partnership and the strategic impact of Cognizant's digital solutions on legacy systems.
As COVID-19 rates rise globally, XPRIZE and Cognizant (Nasdaq: CTSH) launch the Pandemic Response Challenge. This initiative aims to leverage data and AI to equip leaders with actionable insights for public safety and economic stability. Competing teams will develop AI models predicting COVID-19 transmission and suggesting intervention strategies. The challenge, with a $500K prize purse, will conclude in February 2021, featuring two phases requiring predictive and prescriptive models. This effort emphasizes the role of collaboration in navigating the pandemic and future crises.
Cognizant (CTSH) reported Q3 2020 revenue of $4.2 billion, a slight decline of 0.1%, with a GAAP operating margin of 14.2% and diluted EPS of $0.64, impacted by a one-time tax expense. Adjusted diluted EPS was $0.97. Year-to-date cash flow from operations reached $2.4 billion. The company anticipates FY2020 revenue at approximately $16.7 billion, with a decline of 0.4% in constant currency. A quarterly dividend of $0.22 per share is declared for November 30, 2020. CEO Brian Humphries emphasized ongoing digital transformation amidst a challenging demand environment.
Cognizant (Nasdaq: CTSH) announced its decision to acquire Bright Wolf, a leader in Industrial Internet of Things (IIoT) solutions for Fortune 1000 companies. This acquisition aims to enhance Cognizant's IoT capabilities, establishing a new innovation lab in Raleigh-Durham, N.C. Bright Wolf is recognized for its expertise with major cloud providers and has successfully implemented IIoT solutions in various industries. This deal marks Cognizant's eighth acquisition in 2020, emphasizing its commitment to growth in cloud, AI, analytics, and IoT services.
Cognizant (Nasdaq: CTSH) will release its third-quarter 2020 results on October 28, 2020, after market close. Management will host a conference call at 5:00 p.m. Eastern to discuss performance. Domestic participants can call 877-810-9510, while international callers can reach 201-493-6778. A live broadcast will be available on the Investor Relations section of their website, with a subsequent replay accessible for two weeks. Cognizant is recognized as a leading professional services company, focusing on digital transformation for clients globally.
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