Cognizant Technology Solutions reports news on its role as a technology services provider and AI builder for enterprise clients. Company updates commonly cover full-stack AI solutions, secure and governed AI deployment, ServiceNow implementation and managed services engagements, and IT modernization work for large organizations.
Recurring developments also include quarterly financial results, bookings trends, investor conference participation, AI Lab patent activity, and the Cognizant Innovation Network, its corporate investment arm focused on enterprise software startups in AI, data, cybersecurity and cloud. News may also include updates from Belcan, a Cognizant company serving aerospace, defense, space, automotive, industrial, marine and government services markets.
As COVID-19 rates rise globally, XPRIZE and Cognizant (Nasdaq: CTSH) launch the Pandemic Response Challenge. This initiative aims to leverage data and AI to equip leaders with actionable insights for public safety and economic stability. Competing teams will develop AI models predicting COVID-19 transmission and suggesting intervention strategies. The challenge, with a $500K prize purse, will conclude in February 2021, featuring two phases requiring predictive and prescriptive models. This effort emphasizes the role of collaboration in navigating the pandemic and future crises.
Cognizant (CTSH) reported Q3 2020 revenue of $4.2 billion, a slight decline of 0.1%, with a GAAP operating margin of 14.2% and diluted EPS of $0.64, impacted by a one-time tax expense. Adjusted diluted EPS was $0.97. Year-to-date cash flow from operations reached $2.4 billion. The company anticipates FY2020 revenue at approximately $16.7 billion, with a decline of 0.4% in constant currency. A quarterly dividend of $0.22 per share is declared for November 30, 2020. CEO Brian Humphries emphasized ongoing digital transformation amidst a challenging demand environment.
Cognizant (Nasdaq: CTSH) announced its decision to acquire Bright Wolf, a leader in Industrial Internet of Things (IIoT) solutions for Fortune 1000 companies. This acquisition aims to enhance Cognizant's IoT capabilities, establishing a new innovation lab in Raleigh-Durham, N.C. Bright Wolf is recognized for its expertise with major cloud providers and has successfully implemented IIoT solutions in various industries. This deal marks Cognizant's eighth acquisition in 2020, emphasizing its commitment to growth in cloud, AI, analytics, and IoT services.
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Cognizant (Nasdaq: CTSH) will release its third-quarter 2020 results on October 28, 2020, after market close. Management will host a conference call at 5:00 p.m. Eastern to discuss performance. Domestic participants can call 877-810-9510, while international callers can reach 201-493-6778. A live broadcast will be available on the Investor Relations section of their website, with a subsequent replay accessible for two weeks. Cognizant is recognized as a leading professional services company, focusing on digital transformation for clients globally.
Cognizant (Nasdaq: CTSH) has been recognized as a Leader in Everest Group's Medical Devices Digital Services PEAK Matrix® Assessment 2020. The report evaluates 21 global IT service providers based on innovation, market success, and service scope. Cognizant's investments in digital solutions enhance human-centric design and improve patient outcomes. A case study revealed a 10% increase in satisfaction for a diabetes support program, while operational costs decreased. Everest Group noted Cognizant's strong client relationships and commitment to digital transformation in the rapidly growing medical devices market.
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.