DQ Estimates Revenue (Rs Crore)
For the year 2016 to 2017 : 92,724
For the year 2017 to 2018: 97,814
Increase of 5%
Given the headwinds in the IT outsourcing industry, FY 18 can be billed as a year in which Cognizant tried hard to sustain the scale and growth. Cognizant went to the market with its focus on three broad themes: Digitize, Internationalize and Localize.
If we reflect over FY 18, some of the leading highlights over the year:
- Cognizant crossed the $15-billion revenue milestone in the financial year 2017-18, on the back of increasing demand for driving digital-at-scale solutions for its clients across industries, transforming their business, operating and technology models.
- During 2017-18, Cognizant crossed $3 billion in non-US revenue, led by good growth in the UK and APAC regions. The company expanded its geographic footprint organically, adding new delivery and operations centers as well as Collaboratories in key global markets. That apart, many of the acquisitions have been outside the U.S., including, Idea Couture, Mirabeau, Brilliant Services, Adaptra, Netcentric, and Zone.
- The company has built a network of local and regional delivery centers in Europe, Asia, North America, and Latin America. With their proximity to clients, these delivery centers also enable high-quality digital, agile, and secure services that comply with local regulations and are delivered using the technologies and languages clients require. These centers also enable Cognizant to hire, develop, and retain talented local people who can serve multiple clients.
- Purposeful Organization: The company says, “As we build skills and capabilities in the local communities where we operate, we’re also partnering with educational institutions to establish and fund retraining programs in high demand digital technologies. Cognizant formed the U.S. Cognizant Foundation, with an initial $100 million in funding. The US Cognizant Foundation is a non-profit organization focused on supporting science, technology, engineering and math (STEM) and other technical education programs”.
Cognizant’s inorganic initiatives saw it acquiring a slew of companies, significant ones over the year were: It announced the acquisition of Bolder Healthcare Solutions, Zone, Netcentric, TMG Health and Hedera Consulting during the year. Bolder Healthcare Solutions is a privately-held provider of revenue cycle management (RCM) solutions to hospitals, physician practices, and other specialist healthcare organizations in the United States.
In keeping with its digital strategy, Cognizant acquired Zone, one of the United Kingdom’s leading independent full-service digital agencies specializing in customer experience, digital strategy, technology and content creation; and Zurich-headquartered Netcentric, a leading provider of digital experience and marketing solutions for some of the world’s most recognized brands.
Cognizant also completed its acquisition of TMG Health, a leading national provider of business process services to the Medicare Advantage, Medicare Part D and Managed Medicaid markets in the United States, supporting 32 health plans and more than 4.4 million members in all 50 states.
In the last year, Cognizant expanded its Latin American operations with the opening of a new center in Sao Paulo, Brazil to support increasing demand for the company’s digital businesses.