EXHIBIT 99.1
FOR: Cognizant Technology Solutions Corp.
500 Glenpointe Centre West
Teaneck, NJ 07666
CONTACT: Larry Gordon
VP, Corporate Marketing
201-678-2743
lgordon@cognizant.com
FOR IMMEDIATE RELEASE
Investors: Ian Bailey/Kirin Smith
Press: Brian Maddox/Scot Hoffman
FD Morgen-Walke
212-850-5600
shoffman@fdmw.com
COGNIZANT ACQUIRES IT SERVICES FIRM INFOPULSE IN THE NETHERLANDS AS PART OF
EUROPEAN EXPANSION
Further Strengthens Financial Services Expertise in Europe
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Teaneck, NJ - December 2, 2003 - Cognizant Technology Solutions (Nasdaq: CTSH),
a leading provider of IT services, today announced the acquisition of Infopulse,
a Netherlands-based IT services firm specializing in the banking and financial
services industry. The Infopulse acquisition allows Cognizant to better serve
customers in the Benelux region by adding local client partners, industry
expertise, and local language capability. The acquisition further strengthens
Cognizant's industry leading 4th generation offshore delivery model, which has
senior executives based close to clients in the US and Europe who are tightly
integrated with a robust SEI CMMI Level 5 offshore capability.
"Infopulse has the client base, industry expertise and knowledge of local
markets to spearhead our strategy for Benelux," said Kumar Mahadeva, Chairman
and CEO of Cognizant. "Customers in banking and financial services, have been
among the first European companies to adopt a large scale offshore strategy, and
Infopulse helps Cognizant further strengthen its position in this vertical."
"This acquisition will help our current customers because they will get large
scale offshore capabilities as well as industry specific IT services," said
Wiljo Verbruggen, co-founder of Infopulse, which has for several years leveraged
offshore development in Eastern Europe. "Cognizant has a strong track record in
the financial sector and also values customer focus, has very high customer
satisfaction, and a culture that provides an excellent balance between business
and technology."
About Cognizant Technology Solutions
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Cognizant Technology Solutions Corporation (Nasdaq: CTSH) is a leading provider
of IT services. Focused on delivering strategic information technology solutions
that address the complex business needs of its clients, Cognizant provides
applications management, development, integration, and re-engineering,
infrastructure management, business process outsourcing, and a number of related
services such as enterprise consulting, technology architecture, program
management and change management through its onsite/offshore outsourcing model.
Cognizant's more than 8,500 employees are committed to partnerships that sustain
long-term, proven value for customers by delivering high-quality, cost-effective
solutions through its development centers in India and Ireland, and onsite
client teams. Cognizant maintains P-CMM and SEI-CMM Level 5 assessments from an
independent third-party assessor and was recently ranked #1 in Forbes' Hot Shots
200 Up & Comers and ranked as the top information technology company in
BusinessWeek's Hot Growth Companies. Further information about Cognizant can be
found at http://www.cognizant.com.
This press release includes statements which may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although Cognizant believes the expectations
contained in such forward-looking statements are reasonable, it can give no
assurance that such expectations will prove correct. This information may
involve risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Potential risks and
uncertainties that could cause or contribute to differences include, but are not
limited to: (i) the significant fluctuations of Cognizant's quarterly operating
results caused by a variety of factors, many of which are not within Cognizant's
control, including (a) the number, timing, scope and contractual terms of
application design, development and maintenance projects, (b) delays in the
performance of projects, (c) the accuracy of estimates of costs, resources and
time to complete projects, (d) seasonal patterns of Cognizant's services
required by customers, (e) levels of market acceptance for Cognizant's services,
(f) potential adverse impacts of new tax legislation, and (g) the hiring of
additional staff; (ii) changes in Cognizant's billing and employee utilization
rates; (iii) Cognizant's ability to manage its growth effectively, which will
require Cognizant (a) to increase the number of its personnel, particularly
skilled technical, marketing and management personnel, (b) to find suitable
acquisition candidates to support geographic expansion, and (c) to continue to
develop and improve its operational, financial, communications and other
internal systems, in the United States, India and Europe; (iv) Cognizant's
reliance on key customers and large projects; (v) the highly competitive nature
of the markets for Cognizant's services; (vi) Cognizant's ability to
successfully address the continuing changes in information technology, evolving
industry standards and changing customer objectives and preferences; (vii)
Cognizant's reliance on the continued services of its key executive officers and
leading technical personnel; (viii) Cognizant's ability to attract and retain a
sufficient number of highly skilled employees in the future; (ix) Cognizant's
ability to protect its intellectual property rights; (x) the concentration of
Cognizant's operations in India and the related geo-political risks of local and
cross-border conflicts; (xi) terrorist activity, the threat of terrorist
activity, and responses to and results of
terrorist activity and threats, including, but not limited to, effects,
domestically and/or internationally, on Cognizant, its personnel and facilities,
its customers and suppliers, financial markets and general economic conditions;
(xii) the effects, domestically and/or internationally, on Cognizant, its
personnel and facilities, its customers and suppliers, financial markets and
general economic conditions arising from hostilities involving the United States
in Iraq or elsewhere; (xiii) a breach of the Distribution Agreement entered into
between the Company and IMS Health; (xiv) a change in the Company's intent to
repatriate undistributed earnings; and (xv) general economic conditions. Such
forward-looking statements include risks and uncertainties; consequently, actual
transactions and results may differ materially from those expressed or implied
thereby.
Additional information on factors that may affect the business and financial
results of the companies can be found in filings of the companies made from time
to time with the Securities and Exchange Commission.