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News >> Technology >>
Congnizant races past Satyam, announces new CEO
By agencies
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Thursday, 03 August 2006, 19:30 IST
CHENNAI: In a real life dramatic turn, Cognizant Technology SolutionsÂ’ revenues leaped to $336.8 million for its quarterly results in June, racing past its incubator Satyam Computer Services.
Accounting a rise of 55 percent, Cognizant also announced a change in management as current COO Francisco DÂ’ Souza succeeds Lakshmi Narayanan as President and CEO f the company.
Naryanan will assume the post of vice-chairman as the new 37-year-old CEO takes over from January 2007. Posting a net profit of $61 million in the second quarter from $36 million the previous year recording a whooping rise of 69.4 percent. Its quarterly revenues increased up 18 percent from $ 285.5million in the second quarter of 2005 to $336.8 million.
Announcing the results, Narayanan attributed the successful performance to the significant revenue growth across geographies and an expanding range of industries. “ Requirements for our full range of services, especially data warehousing, ERP and CRM and infrastructure management were in strong demand this season,” he said.
Racing ahead of its initial creator Satyam Computer Services, the company is expecting to report revues of at least $1.37 billion for the fiscal 2006, ahead by 55 percent. Satyam posted quarterly revenue of $322.5 million for June end.
Satyam, which was founded in 1988, incubate Cognizant 12 years ago. With D&B as partners in the joint venture, Dun & Bradsteer Satyam Software (DBSS), the former had a 76 percent stake while Satyam held a 24 percent stake. D&B eventually bought the company from Satyam and hence began Cognizant in 1994.
The quarterly results also places Cognizant right next to the three pillars of IT in India. It takes the fourth slot right behind TCS ($900 million), Infosys ($600 million) and Wipro ($539 million). The company is also planning expansion with the headcount toll going expected to reach 36,000 by this year-end fro the current figure of 31,000.