Cognizant Technology Solutions - CTSH STOCK NEWS

Cognizant (Nasdaq: CTSH), a leading IT, consulting, and business process services provider, has announced its second quarter 2024 earnings release and conference call schedule. The company will release its Q2 2024 results on Wednesday, July 31, 2024, after market close. A conference call with Cognizant management will follow at 5:00 p.m. Eastern to discuss the quarter's operating performance.

Investors can participate in the call by dialing 877-810-9510 (domestic) or 201-493-6778 (international) with the passcode: Cognizant Call. The call will also be available live on Cognizant's Investor Relations website. A replay will be accessible until August 14, 2024, via phone and on the company's website for 60 days following the call.

Cognizant (NASDAQ: CTSH) has announced a five-year strategic collaboration with Victory Capital Holdings, Inc. (NASDAQ: VCTR), a global asset management firm. Cognizant will provide Victory Capital with technology infrastructure, security, and data and analytics capabilities, including infrastructure management, security engineering, a 24/7 security operations center, and comprehensive service desk support.

The collaboration aims to deliver reliable, scalable, and secure IT solutions, with Cognizant committed to providing new service management capabilities, improved service productivity, cost savings, and scalability support for Victory Capital's business growth. This extends a decade-long partnership between the two companies, during which Cognizant has assisted Victory Capital in transforming its IT landscape and implementing technology for its new headquarters in San Antonio, Texas.

Cognizant (NASDAQ: CTSH) has appointed Karima Silvent as an independent director to its Board of Directors, expanding the board to 13 members, with 12 being independent. Ms. Silvent, currently Group Chief Human Resources Officer at AXA, brings over 20 years of experience in human resources, talent management, public policy, and government affairs. Her appointment aligns with Cognizant's goal to enhance leadership diversity and expertise, particularly in human capital strategies, and to bolster its position as an employer of choice. The board has added six new independent directors since 2020, three of whom are women.

Cognizant has launched Cognizant Neuro® Edge, an advanced platform designed to enhance AI deployment at the edge. This platform integrates real-time AI-enabled data processing across various industries, improving data privacy and operational efficiency. Neuro® Edge facilitates instant decision-making and complements Cloud AI with deeper insights from longitudinal data. It is cloud-agnostic, supporting hybrid and multi-cloud environments, and offers critical advantages for sectors needing real-time decision-making, privacy, and security. Potential applications include healthcare, energy, logistics, telecommunications, manufacturing, retail, and automotive. The platform, developed in collaboration with Qualcomm Technologies, promises to revolutionize the automotive experience through generative AI. Cognizant aims to make Edge AI applications faster and more accessible, allowing businesses to focus on deriving value from AI and IoT investments.

Cognizant (NASDAQ: CTSH) has entered a five-year agreement with Texas Dow Employees Credit Union (TDECU) to support its 'Run the Business' transformation. Leveraging its Neuro® IT Operations platform, Cognizant will enhance TDECU's enterprise infrastructure, operational efficiency, and cost savings. The partnership aims to boost TDECU's data and testing capabilities, accelerating product and service delivery to its members. This initiative is set to improve customer experience, productivity, and business performance, through AI-driven automation solutions. Cognizant's expertise in digital transformation will be pivotal in this strategic relationship.

Cognizant (NASDAQ: CTSH) has announced an extended collaboration with Cengage Group, a global edtech company, under a new seven-year agreement. This partnership focuses on utilizing advanced technology services to enhance operational efficiency, reduce costs, and support Cengage's digital transformation journey. Cognizant's strategic role includes providing operations services in global Finance and HR, cloud environment support, and corporate security services. The collaboration will leverage Cognizant's expertise in generative AI, cloud operations, and cybersecurity to streamline operations and innovate educational solutions. Cengage aims to achieve improved personalized, interactive, and immersive learning experiences through this partnership.

Cognizant (NASDAQ: CTSH) has entered an agreement with Gentherm (NASDAQ: THRM) to provide advanced engineering services, including systems engineering, validation, and model-based development. This collaboration will be centered in Hyderabad, India, where Cognizant has established a dedicated delivery and test facility for Gentherm.

The partnership aims to develop next-generation thermal management and pneumatic comfort technologies for the automotive industry, enhancing vehicle experiences and improving operational agility and efficiency. Cognizant will contribute its AI and Cloud Software Engineering expertise to help accelerate Gentherm's product development and market entry.

Both companies emphasize the importance of collaboration to drive innovation and meet the growing demands for software-defined vehicles.

Cognizant has introduced its first healthcare large language model solutions using Google Cloud's generative AI technology, including Vertex AI and Gemini models. These solutions aim to improve healthcare administrative processes, enhancing efficiency and patient experiences. The partnership between Cognizant and Google Cloud, which began last August, has earned Cognizant the '2024 Industry Solution Services Partner of the Year - Healthcare and Life Sciences' award. Key applications include streamlining marketing operations, call center operations, provider management, and contracting. Specific examples include an appeals resolution assistant to automate data retrieval and analysis, a contract management solution to reduce errors and boost productivity, a marketing content assistant for consistent communication, and a health plan shopper that aids in plan selection. These innovations, presented at the 2024 Cognizant Health Sciences Conference, aim to reduce administrative burdens and improve operational efficiency while adhering to privacy and security standards.

Cognizant (NASDAQ: CTSH) announced the acquisition of Belcan for approximately $1.3 billion. This move is set to bolster Cognizant's engineering capabilities and establish a strong presence in the aerospace and defense sectors.

The acquisition is expected to significantly expand Cognizant's access to the $190 billion Engineering Research & Development (ER&D) services market and deliver more than $100 million in annual revenue synergies within three years. Cognizant plans to host an investor call on June 10, 2024, to discuss the transaction.

The deal includes $1.19 billion in cash and 1.47 million Cognizant shares, with an anticipated close by September 30, 2024. Belcan's CEO, Lance Kwasniewski, will continue to lead Belcan, which will operate as a unit of Cognizant.