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Cognizant history
Cognizant company history timeline
CTS Company was founded on 26th January 1994 as a technological unit of an existing firm called Dun & Bradstreet.
Headquarters were moved to the United States, and in March 1998, Kumar Mahadeva was named CEO. Operating as a division of the Cognizant Corporation, the company focused on Y2K-related projects and web development.
The parent company, Cognizant Corporation, underwent some structural changes in early 1998, dividing into two separate public companies as a way to help each unit maximize growth.
Cognizant is registered under the ticker NASDAQ:CTSH . Their stock opened with $10.00 in its Jun 19, 1998 IPO.
In 1998, the parent company, Cognizant Corporation, split into two companies: IMS Health and Nielsen Media Research.
According to a 1999 Forbes profile, "Sensing that another consulting obsession was about to peak, Mahadeva kept clear of the $16.6 billion enterprise resource planning (ERP) software business--installing monolithic software packages that manage companies' backoffice functions.
Instead, he focused on applications management, which accounted for 37% of Cognizant's revenue in Q1 1999.
Cognizant grew rapidly during the 2000s and became a Fortune 500 company in 2011. It is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000 and the Fortune 500 and is positioned among the top performing and fastest growing companies in the world.
Even following the terrorist attacks of September 11, 2001, corporations remained willing to have their IT services handled offshore by Cognizant and others.
The June 2002 purchase of United Healthcare Ireland Limited assets added some 70 software professionals while increasing its international presences.
Cognizant's revenues in 2002 were $229 million, and the company had zero debt with $100 million in the bank.
In 2003, Kumar Mahadeva resigned as CEO, and was replaced by Lakshmi Narayanan.
2003: The company gains complete independence from IMS Health. such as Cognizant's India operation were only obligated to pay taxes if they brought back profits to the United States.
The company had always been accorded a great deal of latitude in how it conducted its business by parent corporation IMS, which opted to act more as a shareholder than an owner, and finally in 2003 Cognizant gained its complete independence following a split-off.
In 2003 Cognizant acquired Aces International Inc., a CRM company with a strong presence in healthcare, financial services, and telecommunications.
Estimates for 2003 topped $350 million.
But in 2003, Cognizant sold all its shares in the subsidiary and the CEO also resigned from his post.
Lakshmi Narayanan was succeeded by Francisco D'Souza in 2006.
The company also launched the Go Green initiative in the year 2008.
Cognizant Technology Solutions made its debut in 2008 in the Fortune 1000 ranking at the 859th position.
With its impressive plans, CTS Company went on to be the fastest growing companies in the new millennium and was declared a Fortune 500 company in the year 2011.
In September 2014, Cognizant struck its biggest deal, acquiring healthcare IT services provider TriZetto Corp for $2.7 billion.
On 24 June 2015, the company signed a multimillion-dollar agreement with Escorts Group in India to help Escorts' businesses in digital transformation and modernizing its operations across all business segments.
In 2015, it was named as the 4th best IT services company by Fortune Magazine.
In April 2018, Cognizant and a consortium of Indian life insurers announced their development of a blockchain solution aimed at increasing efficiency through facilitating cross-company data sharing.
Till December 2018, Cognizant has added $14.66 billion in revenue, or the combined numbers of what Wipro and Tech Mahindra Ltd could achieve.
Their most recent investment was on Nov 20, 2018, when Civic Hall raised $2M.
Cognizant Technology Solutions revenue for the quarter ending September 30, 2020 was $4.243B, a 0.12% decline year-over-year.Cognizant Technology Solutions revenue for the twelve months ending September 30, 2020 was $16.752B, a 0.75% increase year-over-year.
Expecting a challenging demand environment after 2020, the company plans to invest in developing digital skills while correcting the employee pyramid, by on-boarding close to 20,000 entry-level hires.
In January 2022, Cognizant sold its acquisition Oy Samlink to Kyndryl.
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Cognizant competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Hexaware Technologies | 1990 | $677.7M | 16,205 | 81 |
| Tech Mahindra | 1986 | $5.1B | 141,193 | 23 |
| Birlasoft | 1995 | $790,000 | 50 | 2 |
| Zensar Technologies | - | $482.2M | 10,000 | 8 |
| IBM | 1911 | $62.8B | 270,000 | 2,307 |
| KBACE Sales Ops | 1998 | $24.9M | 350 | - |
| Computer Science Corporation | 1959 | $7.6B | 66,000 | - |
| Infosys Public Service | 2009 | $18.6B | 2,000 | 1,196 |
| HCL Technologies | 1976 | $10.0B | 197,777 | 49 |
| Microsoft | 1975 | $245.1B | 182,268 | 3,124 |
Cognizant history FAQs
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Cognizant may also be known as or be related to COGNIZANT TECHNOLOGY SOLUTIONS CORP, Cognizant, Cognizant Technology Solutions Corporation, Cognizant Technology Solutions U.S. Corporation, Cognizant Worldwide Ltd., cognizant technology solutions, india and cognizant technology solutions, usa.