Cognizant Technology Solutions - CTSH STOCK NEWS

Cognizant (Nasdaq: CTSH) announced its participation in the Citi's 2020 Global Technology Virtual Conference, set for September 9, 2020, at 10:45 AM ET. CEO Brian Humphries will present, and live audio webcasts will be accessible on Cognizant's website. Additional details regarding the presentation and a 90-day replay will also be available. Cognizant is a leading provider of IT, consulting, and business process services, ranked 194 on the Fortune 500, and known for its innovative approach in transforming business models for the digital era.

Cognizant (Nasdaq: CTSH) announced its agreement to acquire 10th Magnitude, a leading cloud specialist focused on Microsoft Azure. This acquisition aims to enhance Cognizant's capabilities within its Microsoft Business Group and expand its cloud services across major U.S. cities. 10th Magnitude has extensive experience in cloud transformations and serves notable clients in various sectors. The transaction is expected to close in Q3 2020, pending regulatory approval. This move is Cognizant's sixth cloud-related acquisition in 2020, reinforcing its commitment to cloud strategy.

Cognizant (Nasdaq: CTSH) has announced its acquisition of Tin Roof Software, a custom software and digital product development company based in Atlanta, Georgia. This strategic move aims to enhance Cognizant's digital engineering services, allowing greater customer experience improvements and revenue growth. Tin Roof specializes in cloud migration, web and mobile app development, and secure payment systems across various industries. The acquisition, expected to close in the second half of 2020, aligns with Cognizant's goal of expanding its software engineering capabilities in the U.S.

Cognizant (Nasdaq: CTSH) has been recognized as a Leader in the Everest Group's Healthcare Payer Operations – Services PEAK Matrix® Assessment 2020. The assessment evaluated 29 service providers based on client solutions, performance, vision, and market share. Cognizant's strong capabilities and extensive service offerings were highlighted. Its recent acquisition of TMG Health and the introduction of its business process-as-a-service (BPaaS) solution to Texas' Parkland Community Health Plan were key contributors to this recognition. The company aims to enhance healthcare solutions and support value-based care models.

Cognizant (CTSH), based in Teaneck, N.J., has been recognized as a Leader in the Healthcare Provider Digital Services PEAK Matrix Assessment 2020 by Everest Group. The evaluation highlighted Cognizant's industry presence, domain expertise, and partnership strategy as key factors. The healthcare digital services market, valued at nearly $3 billion, has seen significant shifts towards patient engagement due to the pandemic. Cognizant's investments in digital tools and partnerships aim to enhance healthcare delivery and operational efficiency.

Cognizant Technology Solutions Corporation (Nasdaq: CTSH) announced the appointment of Jan Siegmund as Chief Financial Officer, effective September 1, 2020. Siegmund, who previously served as CFO at Automatic Data Processing, will succeed Karen McLoughlin, who will assist in the transition until August 31 and remain in an advisory role until December 31. CEO Brian Humphries expressed confidence in Siegmund's leadership abilities to drive the company's strategic growth plan, emphasizing the importance of a smooth transition for stakeholders.

Cognizant Technology Solutions (CTSH) reported Q2 2020 revenue of $4.0 billion, a 3.4% decline year-over-year, adversely affected by a ransomware attack and exit from certain services. The GAAP operating margin dropped to 11.7% from 14.9%, while net income decreased to $361 million compared to $509 million in Q2 2019. Despite challenges, bookings increased by 14% in the first half of 2020. The company expects full-year revenue between $16.4 billion and $16.7 billion, and declared a quarterly dividend of $0.22 per share.

Cognizant (Nasdaq: CTSH) announced an agreement to acquire New Signature, a leading Microsoft public cloud transformation specialist. The acquisition aims to enhance Cognizant's hyperscale cloud advisory services and establish a dedicated group focused on Microsoft cloud solutions. Closing is expected in Q3 2020, pending regulatory approval. New Signature will add over 500 cloud experts from the U.S., U.K., and Canada to Cognizant's workforce. This acquisition marks Cognizant's fifth cloud-related acquisition in 2020, reinforcing its commitment to digital transformation.

Cognizant (Nasdaq: CTSH) announced its Shared Investigator Platform (SIP) has surpassed 100,000 users across 84 countries, highlighting its essential role in clinical trials during the COVID-19 pandemic. The platform, utilized by major biopharmaceutical companies, enhances collaboration and reduces site activation cycle time by 50%. Launched in 2016, SIP connects trial sponsors and medical professionals, streamlining processes crucial for drug development. This milestone underscores the platform's value in accelerating innovative therapies and improving patient care.