NEW YORK, April 13 /PRNewswire/ -- Cognizant Technology Solutions
Corporation (CTS) today announced the filing of a registration statement with
the Securities and Exchange Commission for an initial public offering of
2,917,000 shares of its Class A Common Stock. The offering is expected to be
between $11.00 and $13.00 per share.
Cognizant Technology Solutions will sell 2,500,000 shares and Cognizant
Corporation will sell 417,000 shares in the contemplated offering. The net
proceeds to CTS will be used to repay intercompany balances owed to Cognizant
Corporation for capital expenditures and working capital, and for other
general corporate purposes. The offering will be managed by BancAmerica
Robertson Stephens, Cowen & Company and Adams, Harkness & Hill, Inc.
Application has been made for quotation of the Company's Class A Common Stock
on the Nasdaq National Market under the symbol "CTSH."
Based in New York City, Cognizant Technology Solutions delivers high-
quality, cost-effective, full life cycle solutions to complex software
development and maintenance problems through the use of a seamless on-site and
offshore project team. These solutions include application development and
maintenance services, Year 2000 and Eurocurrency compliance services, testing
and quality assurance services, and re-hosting and re-engineering services.
CTS provides service to its customers through an integrated business model
that combines a technical and account management team located on-site at the
customer location and six development centers located in India. CTS is a
subsidiary of Cognizant Corporation (NYSE: CZT), which integrates information
and technology to create business insight.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold and offers to buy may not be accepted prior
to the time the registration statement becomes effective. This press release
shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 115785
CONTACT:
Joseph C. Allen, 203-222-4235, for Cognizant
Technology Solutions
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