Cognizant (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced it has been selected by the UK Financial Services Authority (FSA) to be a key supplier as part of its Strategic Outsourcing Framework Agreement (SOFA). The FSA is a leading independent body that regulates the financial services industry in the UK and oversees more than 29,000 firms, which contribute over 6.8% of GDP, employ more than 1.1 million people, and provide services to millions of consumers.
SOFA is important to the FSA’s ability to deliver on its statutory objectives and more proactively intervene when a firm’s actions pose potential systemic risk. The agreement enables the FSA to develop relationships with key third-party suppliers, enhance the scope of services it outsources and ensure greater value for money.
As a key supplier, Cognizant will aim to help the FSA improve the reliability, scalability and flexibility of the IT systems and solutions that support the FSA’s market surveillance operations, supervisory analysis and risk management functions. Cognizant has been awarded five service areas, covering solutions consultancy, application development, application maintenance, testing, and web design and hosting and will initially support a key market surveillance application used by the FSA to monitor compliance with the Markets in Financial Instruments Directive (MiFID II).
“We are pleased to be selected as a key supplier by the FSA for a comprehensive range of services,” said Tony Virdi, Vice President of Cognizant’s Banking and Financial Services Practice for the UK and Ireland. “We are committed to leveraging our strong understanding of the financial services industry and regulatory environment in the UK and consultative engagement model to help the FSA streamline processes, minimise operating costs, enhance productivity and address the need for greater efficiency, innovation and collaboration.”
About Cognizant’s Financial Services Practice
Cognizant’s Financial Services practice, which includes banking, insurance and transaction processing, is the company’s largest industry segment, serving leading financial institutions and insurers in North America, Europe, and Asia-Pacific. These include 9 out of top 15 North American financial institutions, all of the top 10 European banks, and 7 of the top 10 global insurers.
The practice leverages its deep domain and consulting expertise to provide solutions across the entire financial services spectrum, and enables retail and commercial banks, diversified financial enterprises, investment banks, brokerage firms, asset management firms, depositories, exchanges, property and casualty insurers, life insurers, reinsurance firms, and insurance brokers to manage business transformation challenges, create new capabilities, mitigate risks, comply with regulations, capitalize on new business opportunities, and drive efficiency, effectiveness, innovation and virtualization. The Financial Services segment represented around 41% of Cognizant’s revenues in the June-ended quarter of 2011.
NOTE TO EDITORS
Over Cognizant
Cognizant (Nasdaq: CTSH) is een vooraanstaande dienstverlener in IT-consultancy, technologie en Business Process Outsourcing (BPO). Cognizant werkt samen met klanten om hun bedrijfspositie sterker te maken. Het hoofdkantoor is gevestigd in Teaneck, New Jersey (VS). Cognizant combineert een passie voor klanttevredenheid, technologische innovatie en expertise in de markt en zakelijke processen. De organisatie heeft meer dan 50 locaties wereldwijd en circa 111.000 medewerkers per 31 maart 2011. Cognizant is opgenomen in de NASDAQ-100 en de S&P 500. Verder is Cognizant een Forbes Global 2000-organisatie, lid van de Fortune 500 en wordt het bedrijf genoemd als een van de beste en snelst groeiende bedrijven ter wereld. Bezoek ons online op www.cognizant.com of volg ons via Twitter: @Cognizant
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements related to the expected closing of the transaction, the anticipated benefits of the services agreement and the anticipated use of proceeds. These forward-looking statements may contain the words "intend," "anticipate," "expect," "believe," "will," "will be," "will continue," or other similar words and phrases. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those contemplated by such statements. Factors that could cause the anticipated results to differ from those described in the forward-looking statements include, but are not limited to: (i) general economic conditions, (ii) unanticipated system interruptions, (iii) regulatory developments with respect to use of consumer data and public records, (iv) CoreLogic's ability to (a) access needed data from external sources, (b) protect its information systems against data corruption, cyber-based attacks or network security breaches and (c) provide adequate security in the electronic transmission of sensitive data, and (v) other risks set forth in CoreLogic's most recent Annual Report on Form 10-K for the year ended December 31, 2010, as updated by CoreLogic's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, and Cognizant's most recent Annual Report on Form 10-K for the year ended December 31, 2010, as updated by Cognizant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011. The forward-looking statements speak only as of the date they are made. Except as required by law, CoreLogic and Cognizant do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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