Cognizant Technology Solutions Selected as Key IT Services Provider by RadioShack
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*."
About RadioShack
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.
For further information contact:
Larry Gordon
Cognizant Technology Solutions
201-678-2743
lgordon@cognizant.com
Jamie Cryan
Edelman Public Relations
212-704-4566
james.cryan@edelman.com
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.
*Datamonitor
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