Cognizant is the only company to earn a place in the list of Forbes fastest growing technology companies every year since the list’s inception. Its intriguing growth leaves us inquisitive – is there a framework to excel? Has Cognizant found the same? It is known that the book Built to Last by Jim Collins and Jerry Porras influenced Francisco D’Souza (CEO of Cognizant) the most. He is committed to establish a “cult like” culture focused on core values. But, beyond this, does their dual mandate of run better and run different have any role in their monumental growth? Cognizant is not only preaching about helping their clients to transform in order to run better and run different but also walking the talk by practicing the dual mandate within organization from its early days. This paper digs into Cognizant’s history and current trends to understand what they have done to run better and run different.

1. EPLM-06
November 14, 2013
Kamales Mandal
Company Case Study
Cognizant Technology Solutions: Built To Excel
Run Better, Run Different
Abstract
Cognizant is the only company to earn a place in the list of Forbes fastest growing technology companies
every year since the list’s inception. Its intriguing growth leaves us inquisitive – is there a framework to
excel? Has Cognizant found the same? It is known that the book Built to Last by Jim Collins and Jerry
Porras influenced Francisco D’Souza (CEO of Cognizant) the most. He is committed to establish a “cult
like” culture focused on core values. But, beyond this, does their dual mandate of run better and run
different have any role in their monumental growth? Cognizant is not only preaching about helping their
clients to transform in order to run better and run different but also walking the talk by practicing the
dual mandate within organization from its early days. This paper digs into Cognizant’s history and
current trends to understand what they have done to run better and run different.
Introduction
India's $108-billion information technology industry has been swaying by current and future business
trends and sentiments. It has been receiving mixed signals from its top companies. Amidst ups and
downs of the last decade of IT industry, Cognizant has grown faster than its Indian IT peers in these
years (Exhibit 4). With a sequential first quarter (2013) revenue growth of 3.7%, Cognizant remained the
fastest-growing offshore outsourcer where revenue exceeded $2 billion.
But everyday market is becoming more competitive, complex and uncertain. While TCS is snowballing,
Infosys, Wipro are breathing down Cognizant’s shoulder. The newer software delivery models (cloud),
resourcing mechanism structure (crowd sourcing) and emergence of Latin and South-east Asian IT
companies have added new dimensions to the competition. For a company like Cognizant whose 79.4%
revenue comes from North America, the “Border Security, Economic Opportunity and Immigration
Modernization Act” can cause a survival threat. Then again Cognizant has dealt with similar survival
threats earlier.

2. In 2007, Francisco D’Souza (Frank) took over as CEO of Cognizant. In two years, market was hit by global
meltdown. In 2008, Cognizant was drawing 79.1% of its revenues from North America 45.6% from
financial services. A large cloud of uncertainty was looming large over Cognizant due to the crisis at
Lehman Brothers. But Frank was able to spot the silver lining. Cognizant recognized that it was an
opportunity to establish them as partners rather than mere service provider by extending their hands at
the time of crisis. So Cognizant invested in new business when its peers were cutting down.
One year ago on August 6th, 2012, Frank mentioned “We are back in the mountains…” drawing analogy
with the Tour de France. Following the 2012 Q1 results, Cognizant had to adjust their revenue guidance
downwards due to dampened demand by tenuous global recovery. GDP forecasts were lowered across
developed and emerging economies. When optimism for a recovery was deteriorating, companies were
continuing to pursue austerity measures, harnessing investments and feeling reluctant to venture new
areas, Frank addressed his employees“Now is the time to go beyond working harder and to begin working differently. We all need to
look for creative ways to do more with less so that we can plow those savings into building
what’s next for our clients. While our competitors scale back in the face of these challenging
times, we need to charge ahead.” Source: Frank Talks, Cognizant’s Internal Blog, Published by
Francisco D’Souza on 6 August, 2012
Global IT Trends
Global IT spending is expected to grow to $3.7 trillion by 2013 (Exhibit 6). Recently the expectation was
lowered by 2%, due to fluctuations in U.S. dollar exchange rates. The projection is that it would cross $4
trillion by 2015. However economic pressure will continue to loom. While US raises debt ceiling and
debates over “fiscal cliff”, Western Europe struggles with low-single-digit growth and government
austerity continues to darken the atmosphere. Japan is battling with waning post-earthquake
reconstruction momentum. China is worried about weakening export to Europe and elsewhere. In this
age of macro economy, turbulence originated at one place will be felt at other places of the world.
Growth around Emerging Markets: Emerging markets, that include the Central and Eastern Europe,
Middle East and Africa, Latin America and Asia/Pacific (excluding Japan) regions, have so far remained
relatively resilient. In 2013 Emerging Markets IT spending is expected to grow at twice the rate of
developed economies. The forecast is that 51% of the all new growth in the IT marketplace will occur in
the emerging markets. Due to this large share of IT industry growth, these markets will drive new design
points, pricing and market leadership.
Rise of SMAC, the 3rd Platform: Most of the business changes are now clustered around Social, Mobile,
Analytics and Cloud (SMAC / 3rd) platforms (Exhibit 8). SMAC will play leading role in business growth for
next few years. As per IDC by 2020, 40% of the industry’s revenue and 98% of its growth will be driven
by 3rd platform technologies that today represent just 22% of the ICT spending.

3. Social media and software are on the rise. In this space, larger organizations are buying out smaller
niche players to enhance their core offering in this growing business. With rising social data, social
channels are becoming more critical for the consumers as well as businesses. Businesses are embracing
rapidly the social software for marketing program, cross-selling and performance measurement. These
are also being used internally to enhance collaboration and operation efficiency.
According to IDC, spending on Big Data technologies and services will reach over $20 billion in 2016.
M&A are expected in the areas related to the visual discovery, predictive analytics, text and media
analytics. Business Intelligence and analytics assist organizational decision making and strategy
formulations. Big Data technologies have taken business intelligence to another level by analyzing real
data (unstructured data originated from consumer) in more of real time mode.
Major vendors like Amazon, IBM, Microsoft and Google are focusing on new delivery model creating
application platforms and ecosystems. Indian Outsourcing vendors are also developing the cloud based
offerings and platforms and are aggressively marketing these to the clients. As per IDC, the industryfocused public cloud services platforms were less than 100 in 2012 – will increase tenfold by 2016. As
cloud services become the center of competition in many IT market segments, it is critically important for
“traditional” IT suppliers to get more “cloud DNA” into their organizations.
Dominance of Mobile Devices: In the device market, PC sales are declining continuously. Tablet sales
have increased exponentially since the advent of iPad in 2010. Smart mobile devices (smartphones,
tablets, and e-readers) sales are expected to grow by 20% in 2013. This will account 57% of the
industry’s overall growth. Though new devices are hitting the market, their sales have failed to
compensate the waning sales of traditional PC market. Gartner had earlier forecasted 7.9% growth in
device revenue, but has now dropped that estimate to 2.8% accounting the continued weakening of PC
sales.
Protectionism: NASSCOM’s Perspective 2020 study estimated that $50 billion of Indian IT and BPO
export growth by 2020 would be at-risk due to protectionism. The mercury of protectionist sentiment is
rising with growing unemployment in major economies around the world. In July 2009, WTO Chief
Pascal Lamy commented against rising protectionist pressure saying that “protecting trade is the worst
way of offering protection”. However people are asking more for protection with increasing social and
economic hardship. Several countries, most notably the United States and China, were criticized for
their protectionist provisioning of economic stimulus. Offshoring has been hot political issue in the
United States and Western Europe. According to December 2006 survey by Chicago Council on Foreign
Relations, 76% of respondents agreed with the statement, “Outsourcing is mostly a bad thing because
American workers lose their jobs to people in other countries.”
In recent time, US immigration reform was sidetracked due to recent fiscal crisis. But the immigration
bill would disrupt the Indian IT business model. There are four key proposals in the bill that are most
damaging for Indian IT companies. These are outplacement debarment of H1-B workers at client sites,

4. increase in local proportions to 50% by 2016, increase in visa fees and increase in H1B mandated salary
levels.
Convergence: Convergence is one of the most complex and disruptive phenomena working at many
levels. We have already entered into an age of unified-communication where most overarching is the
convergence of voice, video and data. It is the time when consumer and producer, telephone network
and the Internet, communications and IT technologies, storage, processing and solutions are converging
gradually.
Changing Geographic Footprints: Before 2004, the major Western companies were leveraging Indian IT
companies as their Offshore Delivery Center (ODC). Gradually Western IT Services and BPO firms started
large delivery capacity in India and other Asian delivery centers. Even large non-IT organizations were
setting up their own IT office in these areas. Number of such organizations is still increasing. On the
other side, leading Indian IT vendors also built up their own global delivery networks by adding “nearshore” capacity. While looking at the growth pivoted on emerging markets, IT vendors are extending
their global delivery network in these areas, they are also looking for cost effective options for offshore
delivery centers targeting these markets. Country like Argentina, Chile, Mexico, Poland, and Czech
Republic are newer offshore locations. Bulgaria, South Africa, Morocco and Egypt are gradually
attracting organizations for setting up their offshore centers (see Exhibit 7).
Cognizant: Born Global
In 1994 DBSS, a joint venture between Dun & Bradstreet Corporation (D&B) and Satyam Computer
Services (SS) was set up. The objective was to serve as back-end IT operations center for D&B and its
affiliates in Chennai, India. Gradually D&B spun it off to serve non-D&B clients. But competition was stiff
as there were 1000 such offshoring companies. DBSS needed to differentiate itself from others. It
studies “Big 5” consulting firms and realized the differentiator could be providing quality service that
was at par or better than its competitors but at offshore price. Meanwhile D&B had undergone into
major restructuring splitting into multiple divisions. It bought out Satyam’s 24% stake and in 1996 one of
the divisions became an independent company called Cognizant Technology Solutions. Thus Cognizant
was born having different cultural origins and in 1998 it was the first software and services company
with major operations in India to be listed in NASDAQ (See Exhibit 10 listing company milestones).
Though Cognizant was free to decide its own goals, it imbibed some of the lesson learnt from the parent
company, like significance of size, cultural integration within the organization and limited measures of
performance.
After that cognizant grew rapidly. In 2006, within a span of 12 years since its inception, its revenue grew
over $1 billion. In 2007, Frank took over as CEO. Cognizant’s revenue crossed $2.11 billion. In this year,
Cognizant experienced fastest growth in Europe. Revenue from European operations grew by 89%
which represented 16.1% of the total revenue. In the previous year it was 12.9%. In 2008, market
around globe was going through severe economic challenge and uncertainly. Earlier Frank was part of

5. the process when Cognizant was trying to differentiate itself from competitors studying “Big 5”. From
that time he spent time thinking what it would take to build consulting business at Cognizant. Recession
gave Frank the window to do just that as customers were desperate to run better by cutting cost and
increasing revenue. He started building his consulting wings through acquisition and appointment of
Mark Livingston from AT Kearney as the consulting head.
Increasing Global Footprint: Focusing Growth
In 2007 and 2008, a significant driver of Cognizant’s growth had been the diversification of geographic
markets. European-based business grew to 19.2% of total revenue, up from 12.6% in 2006. In 2008,
Cognizant released Cognizant 2.0 platform to integrate global delivery centers into this platform. This
was instrumental in broadening global delivery footprint. The platform ensured end-to-end solutions are
no longer dependent on geography by decomposing solutions into smaller processes distributed across
location based on talent, knowledge, experience and requirements. The platform is the unified virtual
delivery center enabling real-time knowledge management and the seamless sharing of work functions
across entire delivery centers. It enhanced collaboration and increased the velocity of project delivery.
The platform was aimed to connect Cognizant’s global, regional and local development centers serving
any client anywhere. In the year 2008 itself, over 3000 project used or was using Cognizant 2.0 platform.
They were bold enough to invest in new areas such as business process management and remote
infrastructure management which can help their client through the crisis.
In 2009, as other organizations in the industry tightened their belt, Cognizant continued to invest in the
areas that increase their value as a partner to their clients. In this year, Cognizant hired some 140 new
client partners and account managers. Cognizant continued to enhance global delivery infrastructure,
expanding presence in Hungary and adding delivery centers in Mexico and the Philippines. Cognizant
2.0 platform grew faster managing more than 6000 client projects. This year was eventful in the M&A
front. Three major acquisitions happened to strengthen consulting service (Exhibit 11). The biggest
challenges for Cognizant in acquisition were preserving its culture and retaining skilled resources and so
far Cognizant has well executed their acquisitions. Consulting, in particular, became a fully integrated
element of Cognizant’s offering to clients complementing both the horizontal and vertical practices. In
the time of recession, Cognizant not only found the opportunity to establish them as trusted partner but
also learnt that a “reset economy” poses twin challenges: preparing for an eventual cyclical upturn while
transforming the way the approach their workplace, their marketplace and their place in the
competitive landscape. At the end, the risk that Cognizant took in new business paid off. In the annual
report Frank mentioned:
“We were born global and have grown up virtualized. Our people fully embrace the
collaborative and open work processes that will characterize the future of work.”[5]
2010 turned out to be the best year for Cognizant. Revenue increased 40% over 2009. Cognizant had
first one billion quarter. Cognizant was roaring to dethrone Infosys as second largest Indian IT exporter
though Infosys came into existence several years before Cognizant. However Frank was disappointed

6. that he could have been even more aggressive, invested more or made even more acquisitions. He was
hungry; he was focused.
Balancing Present and Future
It is tough for technology companies to get their act right in the long run. Many organizations get buried
under the “technology mudslide”. Many lose their energy and focus fighting recession. Organizations get
lost in the dilemma of present and future. As Clayton Christensen argues in his book “The Innovator’s
Dilemma” that established firms fail because they don’t keep up with hungry upstarts. Sometimes
organizations are so bogged down by future or new technologies that they drop the ball on the cash cow
and get burnt. For example many of the problems of Infosys over the last few years can be traced to its
‘Infosys 3.0’ strategy, which focuses on tomorrow’s enterprise. They were so serious about products
and platforms and their new delivery model that they ignored their main source of revenue and profit application development and maintenance.
Though bit late compared to its Indian peers, Cognizant fully understood the importance of building
future organization today. Frank needed a framework to balance present and future priorities. He
studied the performances of different companies in the backdrop of different technology waves – PC,
internet, ERP. As he was investigating, he zeroed in on IBM that had managed to survive and thrive over
last 100 years. He went deeper to understand what IBM was doing right.
He figured out that they were operating on something first proposed by consulting firm McKinsey called
the Three Horizon Framework based on research around how companies sustain a growth strategy over
long periods of time. In the same line, Frank divided his portfolio into three buckets.
Horizon I
Horizon II
Horizon III
Objective
Focus
Build
world-class Mature
practices;
Drive Business
efficiency
Scale-up
Emerging
Business
Services
In Charge
Application development and Gordon Coburn,
maintenance, testing, North Rajeev
Mehta,
America business
Chandra Sekaran
Consulting,
remote
infrastructure
management,
-doBPO, European business
Future growth
Nascent
New
technologies
(social,
Business
mobile, analytics, cloud) new
delivery model (non-linear) & Francisco D’Souza
new market verticals (Latin
America, Government)
The Three Horizons of Cognizant’s Growth [1]
Horizon I: Covers the core mature businesses that provide most of the revenues and profits. These are
the businesses like application development and maintenance with which customers and investors
identify Cognizant.

7. Horizon II: Encompasses emerging businesses like consulting, remote infrastructure management, BPO
etc. These businesses might not be profitable but these are growing fast, capturing market share and
getting investors’ attention.
Horizon III: Holds potential to drive long-term growth, but it can go anywhere. It focuses creating nonlinear delivery model on 3rd platform (social, mobile, analytics and cloud).
Frank is leading horizon III businesses. It has business model similar to that of venture capital business.
Cognizant is trying to pull in entrepreneurial leaders from outside as well as inside the organization.
These are the professionals who can scale business from 0 to thousand. Frank and team have already
identified 18 lines of businesses which are incubating. Some of them have attained some level of
maturity. These are all startups within Cognizant and have individual CEOs who report to four and five
leads from the core business. Each one of them holds portfolio like a venture capitalist does. They
invest, define go to market strategy and go under the skin of the business. Thus the business model has
more of a cohesive structure – each startup is tied back to the core business.
Run Better, Run Different
In recent years, we have focused our investment across three growth horizons. We
implemented this three-horizon approach in response to fundamental long term shift, which we
have identified in our clients’ business imperatives. We think of those imperatives in terms of a
“dual mandate” to run better by driving greater performance and run different by improving
the positioning of their business for future success – R Chandrasekaran, Group Chief Executive
for Technology and Operations, Cognizant [8]
In the current climate, operational efficiency can mean the difference between survival and failure.
Equally, it can be what makes the difference between scraping by and making good profits. Cognizant is
constantly improving and enhancing their “One Cognizant” (Cognizant 2.0) platform to communicate
creatively, crisply & consistently amongst themselves, as a team. Cognizant is constantly realigning their
practices, global delivery model and client engagement model to improve productivity, customer service
and its quality, process management, cost effectiveness, job satisfaction, morale & financial
performance.
Cognizant has continually re-invested their profits in the resources and technologies the customers will
need going forward. In the 15 years of listing on the NASDAQ stock exchange one thing that has
remained absolutely consistent is Cognizant’s strategy of re-investment in the business to drive topline
growth. Cognizant’s faster growth came at a price; in this case, lower operating margins. So, when its
peers were stuck at cost cutting, Cognizant awarded its people an average bonus of 150 percent.
Gordon Coburn, President of Cognizant, mentioned:
“We are a revenue focused company, our margins are lower than our peers, and when you have
that model people get too focused on growth”[1]

8. On top of everything, Cognizant learnt quickly from others mistake and was ready to put everything at
stake. TCS, Infosys were ahead in many cases like setting up offshore delivery centers, building global
delivery network but Cognizant got advantage of operating on tested ground. Infosys got into product or
platform early. But ‘Infosys 3.0’ strategy is more of chronological without any supporting organizational
change. Hence execution of ‘Infosys 3.0’ strategy has failed so far. On the other hand, the three horizon
strategy of Cognizant is more of structural and Frank took the biggest risk by getting out of the comfort
zone. He took the sole responsibility of setting up the new horizon.
Conclusion
Cognizant has always had the advantage of learning from others due to their late entry to the industry.
In the past it took time to assess the market, study the existing models and find a way to differentiate
itself. Then it put their entire strength behind those pursuits. The crux is that it knows how to play the
catch up strategy perfectly. But this time around Frank doesn’t have that luxury. We have to wait for the
future to find out how three horizon strategy pans out. Currently Cognizant is nowhere in the packaged
product market. So it is bound to have tough time establishing the non-linear delivery model which is
part of horizon III. It would be interesting to watch how Cognizant preserves its unique culture with
growing size and global presence. Given the global macro-economic condition, growing protectionism,
whether Cognizant would be able to sustain the momentum remains a question. Gordon cautioned
saying “If you look at the landscape of IT industry, it is littered with companies that did so well that they
went out of business.” To keep up the momentum in this fast changing landscape, Cognizant needs to
run faster, run harder and keep challenging.

9. Exhibit 1: Performance Summary of Cognizant, 2008-2012
Source: Company Annual Report 2012
Exhibit 2: Consolidated Statement of Operations, Cognizant, 2008-2012
Year Ended December 31,
Revenue
Operating Expenses
Cost of revenues
Selling,
general
and
administrative expenses
Depreciation and amortization
expense
Income from operations
Other income (expense), net
Interest income
Other, net
Total other income (expense),
net
Income before provision of
income taxes
2012
2011
2010
2009
(in thousands, except per share data)
$7,346,472 $6,121,156 $4,592,389 $3,278,663
2008
4,278,241
3,538,622
2,654,569
1,849,443
1,572,816
1,557,646
1,328,665
972,093
721,359
652,021
149,089
117,401
103,875
89,371
74,797
1,361,496
1,136,468
861,852
618,490
516,670
44,514
(18,414)
39,249
(6,568)
25,793
(9,065)
15,895
2,566
22,188
(23,648)
26,100
32,681
16,728
18,461
(1,460)
1,387,596
1,169,149
878,580
636,951
515,210
$2,816,304

10. Provision from income taxes
Net income
Basic earnings per share
Diluted earnings per share
Weighted average number of
common shares outstanding Basic
Dilutive effect of shares issuable
under stock-based compensation
plans
Weighted average number of
common shares outstanding Diluted
336,333
$1,051,263
$
3.49
$
3.44
285,531
$883,618
$
2.91
$
2.85
145,040
$733,540
$
2.44
$
2.37
101,988
$534,963
$
1.82
$
1.78
84,365
$430,845
$
1.49
$
1.44
301,291
303,277
300,781
293,304
290,121
4,570
7,074
8,356
7,811
8,819
305,861
310,351
309,137
301,115
298,940
Source: Company Annual Report 2008-12
Exhibit 3: Revenue and Long-Lived Assets of Cognizant, by Geographic Area
Source: Company Annual Report 2008-12
North America2
2012
Revenue1
Long-lived Assets4
2011
Revenue1
Long-lived Assets4
2010
Revenue1
Long-lived Assets4
2009
Revenue1
Long-lived Assets4
2008
Revenue1
Long-lived Assets4
Europe3
Other5,6
Total
$5,836,258
52,149
$1,195,490
8,696
$ 314,724
910,641
$7,346,472
971,486
$4,802,958
27,387
$1,097,475
5,232
$ 220,723
725,415
$6,121,156
758,034
$3,582,719
12,198
$ 855,575
3,687
$ 154,095
554,563
$4,592,386
570,448
$2,594,210
9,042
$ 606,804
3,145
$ 77,649
469,329
$3,278,663
481,516
$2,228,355
7,494
$ 541,142
2,470
$ 46,807
445,290
$2,816,304
455,254
(1) Revenues are attributed to regions based upon customer location.
(2) Substantially all relates to operations in the United States.
(3) Includes revenue from operations in the United Kingdom of $764,936, $698,853, $559,297, $353,471
and $327,995 in 2012, 2011, 2010, 2009 and 2008 respectively.
(4) Long-lived assets include property and equipment net of accumulated depreciation and
amortization.

11. (5) Includes our operations in Asia Pacific, Middle East and Latin America.
(6) Substantially all of these long-lived assets relate to operations in India.
Exhibit 4: Cognizant grew faster than TCS in 6 out of the last 8 quarters and
faster than Infosys and Wipro
Source: Francisco D'Souza: Balancing Cognizant's Present and Future, Forbes India magazine of 23 Oct,
2013
Exhibit 5: Top 5 India-Based IT Services Providers' Worldwide Revenue, 2012
(Millions of Dollars)

12. Exhibit 6: IT Spending Forecast
Source: “Gartner Market Databook, 1Q13 Update”
Exhibit 7: IT Offshoring Activity During 2011
Source: Everest Group Analysis

13. Exhibit 8: IT Industry’s the 3rd Platform for Growth and Innovation
Exhibit 9: Worldwide Packaged Software Revenue by Primary Market and
Region, 2011 – 2016 ($M)

14. Source: IDC, 2012
Exhibit 10: Milestones of Cognizant
Year
1994
1996
Milestones
Incubated as the technology arm of Dun & Bradstreet Corporation
Started looking at third party clients and began servicing the best across the industry
segments
Became the first IT company leveraging India to get listed on NASDAQ
Became the first company assessed enterprise-wide against mature industry process
certification such as P-CMM5, BS7799, SEI-CMMi Level 5
Acknowledged as a leading provider of IT services by industry analysts such as
Gartner, Forrester, AMR and IDC
Added to the prestigious NASDAQ 100 Index among companies that defined newer
business paradigms
Became the fastest IT service company globally to cross $1 billion revenue in nearly 12
years
Added to the prestigious S&P 500 membership
Over 50 facilities worldwide
Joined the Fortune 1000 at #864
Three major acquisitions to strengthen consulting service
Cognizant first billion dollar quarter
Incubation of three horizon strategy
Cognizant displaces Infosys to become 2nd largest Indian IT firm
1998
2002
2004
2004
2006
2007
2008
2008
2009
2010
2011
2012
Exhibit 11: Mergers and Acquisitions
Target company
Year of
Focus area
acquisition
Six companies of CI Group in
Germany
2013
Enterprise application (SAP), high-end testing
MediCall, US
2012
Medical management
Zaffera, US
2011
SAP Consulting for retail
CoreLogic captive in India
2011
Mortgage processing KPO
Galileo Performance, France
2010
Test consulting
PIPC, UK
2010
Program management
UBS captive in India
2009
BPO/KPO and IT IS
Pepperweed Advisors, US
2009
Consulting; IT infrastructure services
Active Intelligence, US
2009
Oracle retail solutions
Strategic Vision Consulting
2008
Media and Entertainment
Source: Annual Report & Reference [18]

15. Exhibit 12: Global Delivery Centers of Cognizant
Source: http://www.cognizant.com/careers (last accessed on 7-Nov-13)

16. References
[1] Mitu Jayashankar, N.S. Ramnath (2012), Cognizant Technology Solutions: Far Horizons, by
Forbes India magazine of 11 May, 2012
[2] Cognizant Annual Report, 2012
[3] Cognizant Annual Report, 2011
[4] Cognizant Annual Report, 2010
[5] Cognizant Annual Report, 2009
[6] Cognizant Annual Report, 2008
[7] Cognizant Annual Report, 2007
[8] Interview | R Chandrasekaran , CEO, Technology and Operations, Cognizant in Mydigitalfc
[9] http://www.thehindubusinessline.com/industry-and-economy/info-tech/cognizant-eyes-500mbusiness-from-social-cloud-tech-this-year/article5000057.ece, last accessed on Oct 16, 2013
[10]Gartner (2013), IT Spending Forecast 4Q12 Update: 2013 – The Year Ahead
[11]IDC (2013), IDC Predictions 2013: Competing on the 3rd Platform
[12]IDC (2012), Worldwide Software 2012-2016 Forecast Summary
[13]Pankaj Ghemawat and Steven A. Altman (2009), The Indian IT Services Industry in 2009
[14]Pankaj Ghemawat and Steven A. Altman (2011), Tata Consultancy Services: Selling Certainty
[15]Nasscom, “Perspective 2020”, April, 2009
[16]http://itbizcharts.blogspot.in/2011/12/global-it-spending-2012-key-trends.html, last accessed
on Oct 19, 2013
[17]Cognizant: Preparing for a Global Footprint, IIMA
[18]http://www.business-standard.com/article/companies/cognizant-buys-france-s-equinox113100200295_1.html last accessed on Nov 1, 2013
[19]http://www.cognizant.com/, last accessed on Nov 7, 2013
[20]N.S. Ramnath (2012), Francisco D'Souza: Balancing Cognizant's Present and Future, Forbes India
magazine of 23 Oct, 2013
[21]http://www.forbes.com/sites/kenrapoza/2013/08/06/for-it-giant-cognizant-business-betterthan-expected/ last accessed Nov 8, 2013
[22]http://profit.ndtv.com/news/cheat-sheet/article-how-cognizants-earnings-compare-with-tcsinfosys-317606 last accessed Nov 8, 2013
[23]Cognizant Internal Blogs and Newsletters