Recently, Cognizant Technologies (CTSH) has been selected by a
global leader in healthcare, lighting, and consumer lifestyle
solutions, Royal Philips Electronics (PHG), to provide a wide range
of technology-enabled business transformation and growth
programs.
Being a strategic partner, Cognizant will provide a widespread
range of services to Philips, which include consulting and
application services on a global basis.
These services will, in turn, will enable Philips to
consolidate, rationalize, and improve its IT landscape for better
operational efficiency, business agility, and governance leading to
a superior customer service.
As per the terms of the multiyear engagement, Cognizant will
allow Philips to switch the IT organization to a platform and
output-based managed services model across multiple business lines
and corporate functions. Philips will be able to improve business
value of IT, get insight into its demand chain and hence respond
more effectively to the needs of its markets, businesses and
functions. These changes will eventually improve cost structure,
drive structural savings, and release resources to create higher
value business capabilities.
Cognizant did not provide the financial details of the
transaction. The agreement will enable Cognizant to expand its
footprint in Continental Europe.
Earlier, Cognizant extended its relationship with ING U.S.,
whereby the former can offer a broad array of insurance business
process services to the latter. The agreement valued at $330
million spans over a period of seven years.
The U.S. arm of Dutch-based ING Groep N.V. (ING), ING U.S.
family of companies, offers a widespread array of financial
services to retail and institutional clients in the U.S. These
services include life insurance, retirement plans, mutual funds,
managed accounts, alternative investments, institutional investment
management, annuities, employee benefits and financial
planning.
As per the expanded agreement, Cognizant will now employ more
than 1,000 ING U.S. employees in Minot, North Dakota and Des
Moines, Iowa with the intent of creating a U.S.-based center of
excellence for insurance and finance business process services. The
expanded agreement is expected to build on Cognizant's ongoing
success in providing specific technology systems management for ING
U.S.
We continue to maintain a Neutral recommendation on Cognizant in
the long run. Our Neutral recommendation is supported by a Zacks #3
Rank, which translates into a short-term rating of Hold.
Recently, Cognizant Technologies (CTSH) has been selected by a
global leader in healthcare, lighting, and consumer lifestyle
solutions, Royal Philips Electronics (PHG), to provide a wide
range of technology-enabled business transformation and growth
programs.
Being a strategic partner, Cognizant will provide a widespread
range of services to Philips, which include consulting and
application services on a global basis.
These services will, in turn, will enable Philips to
consolidate, rationalize, and improve its IT landscape for better
operational efficiency, business agility, and governance leading
to a superior customer service.
As per the terms of the multiyear engagement, Cognizant will
allow Philips to switch the IT organization to a platform and
output-based managed services model across multiple business
lines and corporate functions. Philips will be able to improve
business value of IT, get insight into its demand chain and hence
respond more effectively to the needs of its markets, businesses
and functions. These changes will eventually improve cost
structure, drive structural savings, and release resources to
create higher value business capabilities.
Cognizant did not provide the financial details of the
transaction. The agreement will enable Cognizant to expand its
footprint in Continental Europe.
Earlier, Cognizant extended its relationship with ING U.S.,
whereby the former can offer a broad array of insurance business
process services to the latter. The agreement valued at $330
million spans over a period of seven years.
The U.S. arm of Dutch-based ING Groep N.V. (ING), ING U.S.
family of companies, offers a widespread array of financial
services to retail and institutional clients in the U.S. These
services include life insurance, retirement plans, mutual funds,
managed accounts, alternative investments, institutional
investment management, annuities, employee benefits and financial
planning.
As per the expanded agreement, Cognizant will now employ more
than 1,000 ING U.S. employees in Minot, North Dakota and Des
Moines, Iowa with the intent of creating a U.S.-based center of
excellence for insurance and finance business process services.
The expanded agreement is expected to build on Cognizant's
ongoing success in providing specific technology systems
management for ING U.S.
We continue to maintain a Neutral recommendation on Cognizant
in the long run. Our Neutral recommendation is supported by a
Zacks #3 Rank, which translates into a short-term rating of
Hold.
Recently,
Cognizant Technologies
(
CTSH
) has been selected by a global leader in healthcare, lighting,
and consumer lifestyle solutions,
Royal Philips Electronics
(
PHG
), to provide a wide range of technology-enabled business
transformation and growth programs.
Being a strategic partner, Cognizant will provide a
widespread range of services to Philips, which include
consulting and application services on a global
basis.
These services, in turn, will enable Philips to consolidate,
rationalize, and improve its IT landscape for better
operational efficiency, business agility, and governance
leading to a superior customer service.
As per the terms of the multiyear engagement, Cognizant will
allow Philips to switch the IT organization to a platform and
output-based managed services model across multiple business
lines and corporate functions. Philips will be able to improve
business value of IT, get insight into its demand chain and
hence respond more effectively to the needs of its markets,
businesses and functions.
These changes will eventually improve cost structure, drive
structural savings, and release resources to create higher
value business capabilities.
Cognizant did not provide the financial details of the
transaction. The agreement will enable Cognizant to expand its
footprint in Continental Europe.
Earlier, Cognizant extended its relationship with ING U.S.,
whereby the former can offer a broad array of insurance
business process services to the latter. The agreement valued
at $330 million spans over a period of seven years.
The U.S. arm of Dutch-based ING Groep N.V. (ING), ING U.S.
family of companies, offers a widespread array of financial
services to retail and institutional clients in the U.S. These
services include life insurance, retirement plans, mutual
funds, managed accounts, alternative investments, institutional
investment management, annuities, employee benefits and
financial planning.
As per the expanded agreement, Cognizant will now employ
more than 1,000 ING U.S. employees in Minot, North Dakota and
Des Moines, Iowa with the intent of creating a U.S.-based
center of excellence for insurance and finance business process
services. The expanded agreement is expected to build on
Cognizant's ongoing success in providing specific technology
systems management for ING U.S.
We continue to maintain a Neutral recommendation on
Cognizant in the long run. Our Neutral recommendation is
supported by a Zacks #3 Rank, which translates into a
short-term rating of Hold.
COGNIZANT TECH (CTSH): Free Stock Analysis
Report
KONINKLIJKE PHL (PHG): Free Stock Analysis
Report
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