Cognizant plans to set up a development and delivery centre in Eastern Europe as part of its expansion plans.
To set up a development and delivery centre in the region
MUMBAI: Cognizant plans to set up a development and delivery centre in Eastern Europe as part of its expansion plans.
Lakshminarayanan, vice-chairman of the company, told DNA Money: “As part of our organic growth strategy we are looking to have a presence in Eastern Europe.”
The details of investment, however, aren’t available.
Meanwhile, Cognizant brought cheers to the IT industry by posting a fourth-quarter net profit growth of 39% at $96.3 million. In sync with its guidance for the previous year, Cognizant’s revenues in 2007 crossed the $2 billion mark.
Cognizant’s revenues for the quarter increased 41% to $600 million compared with $424.4 million a year earlier. It earns 47% of its revenues from banking, financial services and insurance (BFSI), 24% from healthcare and pharmaceuticals segment and 15% from manufacturing and retail sectors.
Lakshminarayan said the company plans to recruit another 19,600 people in 2008, in line with the company’s expansion plans.
Strategically, the company is taking newer approaches to meet its customer needs. “We advised a company in life sciences segment, on the probable side effects of certain drugs that they developed, through our capability in clinical research. We advised certain banks on their fund accounting patters,” said Lakshmnarayanan.
Although the company may not immediately look into the consulting space, as Lakshminarayanan puts it, it is aggressively recruiting MBAs with “domain experience in finance, healthcare, pharmaceuticals and prior experience in IT”.
In 2007 Cognizant recruited 400 MBAs with 35 acceptances from ISB, Hyderabad.
t_amit@dnaindia.net
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