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Cognizant is Top Tech Company in BusinessWeek's List of Hot Growth Companies
Offshore IT Outsourcing Has Become Mainstream Strategy for Blue Chip Companies, Driving Cognizant's Growth and Earnings
Teaneck NJ - June 12, 2002 -- Cognizant Technology Solutions Corp. (Nasdaq:CTSH), a leading provider of custom software development, integration and application outsourcing services, today announced that it is ranked number seven in Business Week's latest list of Hot Growth Companies, which is based on sales and earnings growth, and return on investment. "Offshore IT outsourcing has moved into the mainstream and become a core strategy of large corporations," said Kumar Mahadeva, Chairman and CEO for Cognizant. "Many Blue Chip companies have a commitment to moving a lot of work offshore." "By 2004 all US enterprises must consider offshore outsourcing as one of their top five strategic IT initiatives," said Rita Terdiman, VP and Research Director at Gartner. Business Week ranked Cognizant based on three-year averages for sales, profits and return on capital performance. During this time, Cognizant's sales have increased 45.7%, profits have increased 54.6%, and return on capital is at 19.8%. Cognizant is the top-rated technology company on the list. About Cognizant Technology Solutions Cognizant Technology Solutions (Nasdaq: CTSH) is a leading provider of custom software development, integration and maintenance services that link 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 3,900 employees are committed to partnerships that sustain long-term, proven value in order to 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.

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.