WESTPORT, Conn., April 22 /PRNewswire/ -- Cognizant Corporation
(NYSE: CZT) today announced that a Form 10 registration statement has been
filed with the Securities and Exchange Commission in connection with its plan
to establish IMS HEALTH Incorporated as a separate public company. IMS HEALTH
is the premier global provider of information solutions to the pharmaceutical
and healthcare industries. Upon completion of the spin-off, Nielsen Media
Research, Inc., the leader in electronic audience measurement services, will
be the successor company of Cognizant.
"The SEC Form 10 filing is a major step in creating IMS HEALTH and Nielsen
Media Research as independent public companies," said Robert E. Weissman,
Cognizant chairman and chief executive officer. "We are on-schedule for a
mid-1998 completion of the transaction."
IMS HEALTH
Operating in over 90 countries and employing 7,500 professionals, IMS
HEALTH will include IMS, the leading global provider of market information and
decision-support services to the pharmaceutical and healthcare industries;
Erisco, the premier supplier of software-based administrative and analytical
solutions to the managed care industry; Cognizant Technology Solutions, an
outsourcer of software applications and development services specializing in
year 2000 conversion services; and Enterprises, the company's venture capital
unit, focused on investments in emerging healthcare businesses. IMS HEALTH
will also become the largest shareholder of Gartner Group, Inc. (Nasdaq:
GART), the world's preeminent supplier of research and analysis to the
information technology industry.
Nielsen Media Research
Nielsen Media Research, the leading source of television audience
measurement services, employs 2,300 professionals in the United States and
Canada. Nielsen Media's National People Meter Service provides audience
estimates for all national programming sources, including broadcast networks,
cable networks and national syndicators. Local ratings services estimate
audiences for each of 211 television markets in the U.S., including electronic
metered service in 38 cities.
The separation of Cognizant into two companies is planned to be
accomplished through a tax-free dividend of one share of IMS HEALTH stock for
each Cognizant share held. Concurrent with the transaction, Cognizant
Corporation will change its name to Nielsen Media Research. Both IMS HEALTH
and Nielsen Media Research shares are expected to trade on the New York Stock
Exchange.
Completion of the transaction is subject to the receipt of a favorable
ruling from the Internal Revenue Service with respect to the tax-free
treatment of the distribution, and board approval with regard to the final
distribution.
Cognizant Corporation integrates information and technology to create
business insight. Its principal operating units are IMS, which offers global
information solutions to the pharmaceutical and healthcare industries, and
Nielsen Media Research, the leader in audience measurement for electronic
media. Cognizant also is the largest shareholder of Gartner Group, the
premier provider of research and advisory services to the information
technology industry. Additional information is available at Cognizant's web
site: http://www.cognizantcorp.com.
SOURCE Cognizant Corporation
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CONTACT:
Joseph C. Allen of Cognizant, 203-222-4235
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