BENGALURU: It has been 25 years since Cognizant got listed on the Nasdaq, and the company’s CEO S Ravi Kumar along with his colleagues will ring the opening bell at the exchange on June 27.
In June 1998, the company, which was founded in 1994, launched its IPO at $10.00 per share, and as on Tuesday evening (IST) the company’s share price stood at $64.62.
In an internal mail to employees, Ravi Kumar said, “We have stood the test of time by continually pursuing a clear purpose and staying relevant to our clients and associates. This is a tribute to our heritage of client-centricity, teamwork, entrepreneurialism, and bold ambitions.”
From 1,600 employees and with annual revenue of about $59 million, the company has now grown to over 3,50,000 employees, and it expects full-year 2023 revenue of about $20 billion. “The constants across the quarter century are many.
Among them, is our proven ability to build long-term, high-quality partnerships with clients and deliver a range of offerings at the intersection of industry and technology that are tailored to clients’ needs and high expectations. Another constant is our significant investment in the skilling and development of our associates and in our collective ability to innovate,” he said.
Last month, the US-headquartered company announced that it will lay off 1% or 3,500 employees. The company said it will expand its footprint in smaller cities in India in support of its hybrid work strategy.
The company’s net profit for the first quarter in 2023 stood at $580 million, a 3% increase, compared to $563 million in the same quarter last year.
On Monday, the company announced that it has extended its relationship with Orkla, an industrial investment company. “Cognizant will modernize the delivery model which will gear Orkla IT toward a future operating model that is essential for the business transformation of the companies under the Orkla umbrella,” it said.