(CTSH) Cognizant Signs R&D Agreement With Invensys Rail

December 14th, 2009

Cognizant (CTSH) recently announced a global product research and development agreement with Invensys Rail. As a part of this agreement, Cognizant signed a five year multi-million dollar contract with Invensys Rail to serve the global product R&D needs of its group companies located in the UK, Australia, Spain, and the USA.

Invensys Rail, a division of the Invensys Group, is a multinational leader in delivering state-of-the-art railway control and communication solutions.

This relationship will help Cognizant strengthen its presence in the rail industry by enhancing its ability to provide end-to-end services to rail customers, and expanding its customer base through industry-leading competencies in safety-critical application development.

The company earlier expanded its delivery center in Toronto. The delivery center will continue to serve a growing roster of U.S. and Canadian clients, as well as the Canadian subsidiaries of global clients. The company has approximately 53 IT delivery centers on a worldwide basis.

In October, the company acquired UBS India Service Centre Private Limited for about $75 million. Based in India, UBS is a captive service provider to UBS AG and currently employs 2,000 associates.

Earlier, the company delivered a solid third quarter driven by strong organic growth across all industry sectors, geographies and service lines.

Going forward, management expects revenues of at least $880 million in the fourth quarter of 2009, up 3% sequentially. Earnings per share is forecasted to be around 49 cents. For full fiscal 2009, management expects revenues around $3.255 billion, up 15% from a year ago. Earnings per share are expected around $1.88.

The company has consistently delivered solid results maintaining both top and bottom lines. Given the early signs of economic recovery, we expect growth to accelerate in the coming quarters.
Headquartered in Teaneck, New Jersey, Cognizant is a leading provider of custom information technology to Fortune 1000 customers.

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