The Nasdaq listed Cognizant Technology Solutions (CTS), an IT and business
process outsourcing company, and Ordina, the Dutch consulting and outsourcing
company, have bagged a major outsourcing deal from Rabobank, Netherlands.
CTS and Ordina will collaborate to deliver outsourced services as part of a seven-year
arrangement with Rabobank Group, encompassing application design, development
and testing services. On its part, CTS will manage the onsite/offshore delivery
two companies - CTS and Ordina - had entered into an agreement whereby the former
will become Ordina''s primary strategic partner in the Benelux for offshore solutions.
The two companies will jointly offer global delivery solutions for Ordina''s top
40 customers in the financial services, public, industrial and telecommunications
agreement confirms our leading position in the ICT and outsourcing market in the
Netherlands", said Ronald Kasteel, chief executive officer, Ordina.
to Francisco D''Souza, president and CEO of CTS, the deal allows the company to
extend its long standing relationship with Rabobank via Ordina. "Additionally,
our partnership with Ordina further underscores our commitment to expanding CTS''
presence in key European markets and enables the two companies to jointly pursue
strategic client relationships through the strength of our combined business models."
posted an impressive first quarter result with revenue going up by 61 per cent
to $460.3 million as compared to the previous year''s first quarter revenue of
$285.5 million. The GAAP net income was $75.4 million for the first quarter this
year as against $47.2 million of the previous year''s corresponding period.
to D''Souza, the company generated strong momentum in newer verticals, especially
in retail, manufacturing and logistics. "We also experienced escalating demand
across our solution offerings, particularly ERP, testing and business process
on current visibility, CTS is providing the following guidance:
Second quarter 2007 revenue expected to be at least $500 million.
quarter 2007 diluted EPS expected to be $0.51 on a GAAP basis, and $0.56 on a
non-GAAP basis, which excludes the impact of stock-based compensation expense
Fiscal 2007 revenue now expected to be at least $2.07 billion.
Fiscal 2007 diluted EPS expected to be at least $2.13 on a GAAP basis, and at
least $2.34 on a non-GAAP basis, which excludes the impact of stock-based compensation
expense of $0.21.
headcount by end of 2007 expected to be approximately 55,000, reflecting the company''s
plan to increase utilisation throughout the remainder of the year.
response to the appreciation of the Indian Rupee during the first part of 2007,
we continue to focus on managing our business for long-term growth while delivering
value for our shareholders through financial performance within our target operating
margin range. Based on our strong financial performance in the first quarter and
the positive demand environment, we are pleased to raise our guidance for full-year
2007," said chief financial and operating officer Gordon Coburn.
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