WESTPORT, Conn., July 17 /PRNewswire/ -- Cognizant Corporation (NYSE: CZT)
today announced a $5.1 million pre-tax gain to be reported in the third
quarter of 1997, resulting from the recent sale of stock offered in TSI
International Software Ltd.'s initial public offering completed July 2, 1997.
TSI was an investment of Cognizant Enterprises, Cognizant's in-house venture
capital business.
    "This demonstrates Cognizant's policy of returning value to our
shareholders by monetizing properties in the venture portfolio which are not
strategic to our core businesses," said Victoria R. Fash, Cognizant executive
vice president and chief financial officer.  "The transaction will generate
$5.5 million in cash in the third quarter."
    TSI is a leading provider of software and related services that enable
organizations to integrate their business applications both internally and
with external business partners.
    Cognizant Corporation integrates information and technology to create
business insight.  Based in Westport, Conn., the company employs more than
10,000 professionals in nearly 100 countries.  Its principal operating units
are:  IMS, which offers global information solutions to the pharmaceutical and
healthcare industries; Nielsen Media Research, the leader in audience
measurement for electronic media; and a majority interest in Gartner Group,the
premier provider of research and advisory services to the information
technology industry.

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