Cognizant– the Teaneck-based information technology, consulting and business process outsourcing services company– had a good first quarter 2011 and increased its year over year guidance for the total year to 29%. First quarter revenue was up 43% year-over-year, and 4.6% sequentially the company said, rising to $1.37 Billion for the quarter. Complete first quarter 2011 details can be found here.
In a conference call, the company said it also added 7,200 technical jobs during the quarter worldwide, a record for Cognizant, which employed 111,000 at the end of Q1. Some of those new jobs landed here in NJ. In fact a quick look at Cognizant’s web site shows that the company has almost 50 openings to be filled at its New Jersey locations.
Cognizant’s growth took place primarily in the US, and company spokesmen said that Europe and the UK were taking longer to pull out of the recession. The company said that results from the UK were also affected by the fact that several M&A; projects that had been active in the UK were drawing to a close. Showing a bit of optimism about an eventual recovery in Europe, the company said it is beginning to sign deals in Europe and the UK, which will come to fruition in the future.
Cognizant’s business is driven by its big spending clients. In 2010 the company’s 10 best clients were responsible for $100 million in revenue each. The company has identified some 173 clients it considers strategic, Gordon Coburn, Chief Financial and Operating Officer said, adding that Cognizant is developing deep relationships with these clients. In general clients who come to Cognizant are interested in either driving continued efficiencies in existing business lines or investing in “transformational capabilities.”
“Cognizant is uniquely positioned to help clients both operate and improve existing processes and infrastructure as well as transform their businesses to adapt to new virtualized business models, new mobile and social technologies and a new generation of ‘born digital’ workers and consumers.” Francisco D’Souza, President and Chief Executive Officer of Cognizant, said in a press release.