Cognizant wins Credit Suisse contract

Cognizant wins Credit Suisse contract

Credit Suisse has signed a five year outsourcing contract with New Jersey-based Cognizant Technology Solutions, a provider of offshore software development and maintenance services.

Cognizant, the former software development division of financial information provider Dun & Bradstreet, uses offshore development centres, mainly in India, to cut the costs of developing and managing software for companies.

To begin with, Cognizant says it will be developing and maintaining Credit Suisse's new online retail banking platform, which will include electronic bill presentment and payment features.

Michael Bischoff, vice president, strategic sourcing, Credit Suisse, says the bank's strategy to use offshore services has started to become mainstream.

"We chose to work with Cognizant because of their depth in banking, extensive project management experience and their unique 4th Generation outsourcing model, which provides responsiveness, high-quality and fast turnaround," says Bischoff.

According to a report by Reuters, Cognizant's third-quarter profit jumped 65%. The firm reported a net income of $16.0 million, or 23 cents a share, up from $9.7 million, or 15 cents a share, a year earlier. Revenue rose 60% to $98.1 million.

Cognizant says it is optimistic about the remainder of the year and 2004.

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