WESTPORT, Conn., Feb. 5 /PRNewswire/ -- IMS HEALTH, the newly-created
healthcare information company, today announced plans to locate its worldwide
headquarters in London. To optimize an integrated global management approach
in the new company, IMS Europe headquarters will be co-located in London under
the leadership of Gilles Pajot, Vice President of IMS Europe. A spin-off of
Cognizant Corporation (NYSE: CZT), IMS HEALTH is expected to trade as an
independent public company starting this summer. At its inception, IMS HEALTH
is the world leader in supplying mission-critical information to the health
and pharmaceutical industries, with over US$1 billion in forecast 1997
revenue.
"The decision to locate IMS HEALTH headquarters in the U.K. reflects the
significant international focus of our company," said Robert E. Weissman,
Chairman and Chief Executive Officer, IMS HEALTH. "Europe is the second
largest healthcare market in the world, valued at US$87 billion. London
offers many attractive advantages, including a world-class talent pool of
knowledge workers, plus its status as the premier financial center for
European investors."
IMS HEALTH provides information to support sales management and market
research decisions of pharmaceutical and healthcare corporations worldwide.
IMS HEALTH operates major business centers in the U.S., Japan, the U.K.,
Germany, Italy, Spain, Benelux, France, Greece, Asia, Latin America, the
Middle East and Eastern Europe. Its primary data center, which serves as a
hub for all operations outside North America, is located in Frankfurt,
Germany.
"Our London headquarters puts us closer to our customers, while
strengthening our role in the fast-changing European healthcare market," said
Victoria R. Fash, President and Chief Operating Officer of IMS HEALTH.
"Europe represents the largest single source of IMS HEALTH revenue. Based on
working with our pharmaceutical company customers, IMS HEALTH is capitalizing
on excellent growth opportunities in Europe. These include the launch of
Xtrend(TM), our new prescription-based informational product; the introduction
of PharmaTrend(TM) by our SelfMedication division, which tracks sales of
over-the-counter (OTC) products; and promising expansion opportunities in
developing markets such as the Czech and Slovak Republics, Hungary, Poland and
Turkey."
IMS HEALTH currently maintains an organization of 600 professionals in
London. The U.K. operation employs over 200 professionals. Led by Roger
Korman, Managing Director of IMS HEALTH U.K. and Ireland and General Manager
of Canada, the U.K. is also a premier launch market for new IMS Europe
services and technology, as well as one of the primary markets for Xtrend.
IMS HEALTH is pioneering new uses for information in the U.K., working
together with key players in the healthcare environment such as government and
professional associations.
Jim Newell, President, IMS HEALTH Global Services, leads 400 professionals
who provide information services tailored to the strategic needs of
headquarters of pharmaceutical companies. The services of IMS HEALTH Global
Services include MIDAS(TM), the global pharmaceutical database; strategic
forecasting; hospital services and health management studies. Recent
innovations include the development of web-enabled workstations, which give
clients access to information using Intranet and Internet applications.
On January 15, 1998, Cognizant Corporation (NYSE: CZT) announced plans to
transform into two independent public companies by mid-summer 1998: IMS HEALTH
and Nielsen Media Research. IMS HEALTH is the world's leading provider of
data, research and information analysis to the pharmaceutical and healthcare
industries. Operating in over 90 countries, its businesses include IMS,
Erisco, Cognizant Technology Solutions, and Enterprises. IMS HEALTH also
holds an equity investment in GartnerGroup (NASDAQ: GART).
For more information about IMS HEALTH and Cognizant Corporation visit:
http://www.cognizantcorp.com
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. Although Cognizant believes the
expectations contained in such forward-looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct. This
information may involve risk and uncertainties that could cause actual results
to differ materially from the forward-looking statements. Factors which could
cause or contribute to such differences include, but are not limited to,
factors detailed in the company's Securities and Exchange Commission filings.
SOURCE Cognizant Corporation
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Related links:
http://www.cognizantcorp.com
CONTACT:
Joseph C. Allen of Cognizant Corporation,
203-222-4235
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
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