TEANECK, New Jersey, February 7, 2011 /PRNewswire/ --
- Plans to Add Over 8 Million Square Feet of Company-Owned Facilities
Cognizant (Nasdaq: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced plans to further expand its real estate construction program in India. As part of the expansion program, Cognizant will invest more than $500 million through the end of 2014 to expand its owned campus footprint with the addition of over 8 million square feet, which will have the capacity to house over 55,000 employees.
The real estate development program will create additional software development and training facilities in regions designated as Special Economic Zones in four cities: Chennai, Pune, Coimbatore, and Kolkata. In addition to the construction of owned facilities, Cognizant will continue to actively lease additional facilities throughout India to meet its future staffing requirements.
"This current real estate expansion program is part of our ongoing strategy of investing in our people, processes, systems, and infrastructure to support our long-term growth," said Gordon Coburn, Chief Financial and Operating Officer of Cognizant. "We will continue to evaluate opportunities for further construction expansion over the coming years."
Cognizant (Nasdaq: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world's leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 104,000 employees as of December 31, 2010, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 1000 and is ranked among the top performing and fastest growing companies in the world. Visit us online at http://www.cognizant.com or follow us on Twitter: Cognizant.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.