Cognizant Opens New Technocomplex in Calcutta and Crosses 6,000 Employee Mark; 4th Generation...

Business Editors

TEANECK, N.J.--(BUSINESS WIRE)--Feb. 13, 2003

Cognizant Technology Solutions Corporation (Nasdaq: CTSH), a leading provider of custom software development, integration and application outsourcing services, today announced that has opened an elegant new technocomplex

in Calcutta to accommodate approximately 1,000 software professionals, and now has more than 6,100 employees. Cognizant is growing rapidly and the Company's 4th generation offshore model is increasingly seen as the easiest way to leverage offshore outsourcing as more mainstream organizations adopt offshore strategies.

"Cognizant has grown faster than the competition in the last few quarters and demand, including the pipeline, continues to be strong," said Kumar Mahadeva, Chairman and CEO of Cognizant Technology Solutions. "Clients are ramping up large scale offshore strategies and the 4th generation model is the model of choice for the next generation of offshore adopters. The new Calcutta technocomplex and employees will help us continue to meet client needs."

More and more blue chip organizations are choosing Cognizant for its industry leading 4th generation onsite/offshore model, which is focused not just on technology, but on delivering measurable business results. Cognizant offers deep industry expertise, a unique "can-do" culture, and can provide end-to-end IT solutions that include strategy, architecture and implementation to help clients cut costs, optimize and transform their systems.

Cognizant's first technocomplex was completed in Pune, in February, 2002. The construction of Cognizant's third technocomplex, in Chennai, will accommodate over 3,000 employees and completion is expected by late 2003. In September 2001, IDC-Dataquest ranked Cognizant as having the best facilities in India. Cognizant is also recognized as one of the best places to work and is a top recruiter among technical and business schools.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corp. (Nasdaq: CTSH) is a leading provider of custom information technology design, development, integration and maintenance services. Focused on delivering strategic information technology solutions that address the complex business needs of its clients, Cognizant provides applications management, development, systems integration and business process outsourcing services through its onsite/offshore outsourcing model.

Cognizant's more than 6,100 employees are committed to partnerships that sustain long-term, proven value for customers by delivering high-quality, cost-effective solutions through its development centers in India and Ireland, and onsite client teams. Cognizant maintains P-CMM and SEI-CMM Level 5 assessments from an independent third-party assessor and was recently ranked as the top information technology company in Forbes' 200 Best Small Companies in America and in BusinessWeek's Hot Growth Companies. Further information about Cognizant can be found at http://www.cognizant.com.

This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Cognizant believes the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Potential risks and uncertainties that could cause or contribute to differences include, but are not limited to: (i) the significant fluctuations of Cognizant's quarterly operating results caused by a variety of factors, many of which are not within Cognizant's control, including (a) the number, timing, scope and contractual terms of application design, development and maintenance projects, (b) delays in the performance of projects, (c) the accuracy of estimates of costs, resources and time to complete projects, (d) seasonal patterns of Cognizant's services required by customers, (e) levels of market acceptance for Cognizant's services, (f) potential adverse impacts of new tax legislation, and (g) the hiring of additional staff; (ii) changes in Cognizant's billing and employee utilization rates; (iii) Cognizant's ability to manage its growth effectively, which will require Cognizant (a) to increase the number of its personnel, particularly skilled technical, marketing and management personnel, (b) to find suitable acquisition candidates to support geographic expansion, and (c) to continue to develop and improve its operational, financial, communications and other internal systems, in the United States, India and Europe; (iv) Cognizant's limited operating history with unaffiliated customers; (v) Cognizant's reliance on key customers and large projects; (vi) the highly competitive nature of the markets for Cognizant's services; (vii) Cognizant's ability to successfully address the continuing changes in information technology, evolving industry standards and changing customer objectives and preferences; (viii) Cognizant's reliance on the continued services of its key executive officers and leading technical personnel; (ix) Cognizant's ability to attract and retain a sufficient number of highly skilled employees in the future; (x) Cognizant's ability to protect its intellectual property rights; (xi) the concentration of Cognizant's operations in India and the related geo-political risks of local and cross-border conflicts; (xii) terrorist activity, the threat of terrorist activity, and responses to and results of terrorist activity and threats, including, but not limited to, effects, domestically and/or internationally, on Cognizant, its personnel and facilities, its customers and suppliers, financial markets and general economic conditions; (xiii) the effects, domestically and/or internationally, on Cognizant, its personnel and facilities, its customers and suppliers, financial markets and general economic conditions arising from hostilities involving the United States in Iraq or elsewhere; and (xiv) general economic conditions. Such forward-looking statements include risks and uncertainties; consequently, actual transactions and results may differ materially from those expressed or implied thereby.

Additional information on factors that may affect the business and financial results of the companies can be found in filings of the companies made from time to time with the Securities and Exchange Commission.