NEW YORK, June 19 /PRNewswire/ -- Cognizant Technology Solutions
Corporation (CTS) today announced the initial public offering of 2,917,000
shares of Class A Common Stock at a price of $10 per share. CTS is selling
2,500,000 shares and Cognizant Corporation is selling 417,000 shares. The
underwriters have been granted an option by Cognizant to purchase an
additional 437,550 shares to cover over-allotments, if any. Net proceeds to
CTS of approximately $22 million will be used to repay intercompany
balances owed to Cognizant Corporation, for capital expenditures and working
capital, and for other general corporate purposes. The Class A Common Stock
trades on the Nasdaq National Market under the symbol "CTSH."
The offering is being managed by BancAmerica Robertson Stephens, Cowen &
Company, and Adams, Harkness & Hill, Inc. A prospectus may be obtained by
contacting: BancAmerica Robertson Stephens, 555 California Street, Suite
2600, San Francisco, California, 94104, tel: 415-781-9700, Attn: Syndicate
Department; Cowen & Company, One Financial Square, New York, New York,
10005-3597, tel: 212-495-8923, Attn: Prospectus Department; or Adams, Harkness
& Hill, Inc., 60 State Street, Boston Massachusetts, 02109, tel: 617-371-3900,
Attn: Syndicate Department.
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.
SOURCE Cognizant Technology Solutions Corporation
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CONTACT:
Gordon Coburn of Cognizant, 203-222-4329
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