Cognizant Expands MetLife Partnership Through High Value Enterprise Consulting and...

Business & Technology Editors

TEANECK, N.J.--(BUSINESS WIRE)--Dec. 17, 2002

Cognizant Technology Solutions Corporation (Nasdaq:CTSH), a leading provider of custom software development, integration and application outsourcing services, announced today that MetLife has expanded

A team of Cognizant associates is helping MetLife meet business objectives and align business and technology processes and practices. In addition to large-scale application support outsourcing, MetLife is leveraging Cognizant's insurance industry expertise and enterprise consulting services to enhance the effectiveness of its IT services. Some of the large projects that Cognizant has helped MetLife with include the consolidation of dozens of applications acquired through acquisitions and built internally over time, and an upgrade to a large human resources administration system. Since starting the engagement late last year, Cognizant has been able to support the MetLife team and move much of that work offshore.

"By outsourcing the support of various application portfolios to Cognizant, we have been able to provide more opportunities for MetLife IT associates to expand their experiences and abilities, and increase the overall productivity within IT," said Daniel J. Cavanagh, Executive Vice President of IT for MetLife. "Cognizant is an outsourcer providing a full range of application services, which is a differentiator in the offshore industry."

"Cognizant is one of very few vendors that can move work offshore on this scale," said Kumar Mahadeva, Chairman and CEO of Cognizant. "Our 4th generation model which includes vertical domain expertise, Enterprise Consulting capabilities, and the ability to execute large scale "Big-5" type projects makes Cognizant's value proposition unique in the industry."

Cognizant's Transformational Outsourcing solution includes analyzing and rationalizing application portfolios, proactively defining IT opportunities and finding the optimal IT service levels to support the business.

Cognizant's Enterprise Consulting Practice includes the Program Management Office, ERP Solutions, and advanced e-Business solutions and architecture services.

About MetLife

MetLife, a subsidiary of MetLife, Inc. (NYSE:MET), is a leading provider of insurance and other financial services to individual and institutional customers. The MetLife companies serve approximately 12 million individuals in the U.S. and companies and institutions with 33 million employees and members. MetLife also has international insurance operations in 13 countries. For more information about MetLife, please visit the company's Web site at www.metlife.com.

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 6,000 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) general economic conditions; and (xiv) uncertainties regarding the satisfaction or waiver of the conditions to the IMS exchange offer, and the effects on the IMS exchange offer of market conditions, economic conditions, tax treatment, regulatory and legal requirements and the results of negotiations between Cognizant and IMS Health. 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.