Cognizant Also Creates a Retail Center of Excellence to Leverage Experience and Resources
Teaneck, N.J., March 20, 2001 -- Cognizant Technology Solutions Corp. (Nasdaq:CTSH), a leading provider of custom software development, integration and maintenance services, announced today that it has been selected by RadioShack Corporation (NYSE: RSH), the nation`s largest and most trusted consumer electronics retailer, as a key IT services provider.
Concurrently, Cognizant also announced the creation of its Retail Center of Excellence, where retailers can benefit from the company`s experience with blue chip companies, including Ace Hardware, The Body Shop, Fingerhut and Fortunoff. Cognizant`s Retail Center of Excellence helps retailers save money, vastly improve processes, and quickly integrate new technologies. Customers can leverage Cognizant`s large-scale project delivery capabilities, worldwide investment in R&D;, tools, methodologies, and knowledge management.
"Cognizant is an important relationship for RadioShack and we expect to build an even closer relationship in the future. They continuously reinforce our faith in them," said Evelyn Follit, Senior Vice President and Chief Information Officer at RadioShack. "Cognizant`s unique onsite/offshore model gives us great flexibility in putting the right resources against important projects at the appropriate time. Offshore outsourcing is a key strategy at RadioShack and Cognizant is a leader in this space."
"Offshore development has moved to the forefront of strategic IT initiatives among many of the Fortune 1000. In addition to cost advantage, Cognizant delivers top-notch quality and faster time-to-market, and this has been attracting clients to offshore," said Kumar Mahadeva, Chairman and CEO of Cognizant. "The creation of Cognizant`s Retail Center of Excellence will bring the benefits of Cognizant`s model to retail customers, a segment that is expected to experience 25% CAGR in e-business spending through 2004*."
RadioShack Corporation (NYSE: RSH) is the nation`s largest and most trusted consumer-electronics retailer, and offers both on- and off-line shopping capabilities. With more than 7,100 stores and dealers, RadioShack sells more wireless telephones, telecommunications products, electronics parts, and accessories than any other retailer. It is estimated that 94 percent of all Americans live or work within five minutes of a RadioShack store or dealer. For more information, visit the RadioShack corporate web site at www.RadioShackCorporation.com
About Cognizant Technology Solutions
Cognizant Technology Solutions (Nasdaq: CTSH) is a leading provider of custom software development, integration and maintenance services that links e-business with core information systems for companies worldwide. Cognizant operates under a high quality, high value onsite/offshore model that enables better, faster and more cost effective development and deployment of large-scale systems across a wide range of transaction intensive business needs.
Its 3,200 employees are committed to partnerships that sustain long-term, proven value in order win in today`s global marketplace. Cognizant was listed as one of the "Best Small Companies in America," by Forbes and as the top solutions provider and one of the top 200 Hot Companies by Business Week. Cognizant has been assessed at SEI/CMM Level 5, the highest possible rating.
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Cognizant Technology Solutions
Edelman Public Relations
Certain statements contained herein, including statements regarding the development of the Company`s services, markets and future demand for the Company`s services, projections on future growth potential, and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could cause actual results to differ materially include, but are not limited to, variability of quarterly operating results, reliance on large projects, concentration of revenue, ability to attract and retain professional staff, dependence on key personnel, ability to manage growth effectively, risks associated with rapid technological advances, risks associated with possible acquisitions, risks associated with the Company`s strategic partnerships, various project-associated risks, substantial competition, general economic conditions, risks associated with intellectual property rights, risks associated with international operations and other risk factors listed from time to time in the Company`s filings and reports with the Securities and Exchange Commission.