Transaction Generates $31.1 Million of Cash

    WESTPORT, Conn., July 21 /PRNewswire/ -- Cognizant Corporation (NYSE: CZT)
today announced that a $28.8 million pre-tax gain from the sale of Aspect
Development, Inc. stock will be reported in the third quarter of 1997.  Aspect
develops, markets and supports enterprise client/server software and reference
data products that enable manufacturers to improve product development and
business processes.
    "Our sale of Aspect reflects the strong market demand for technology
stocks," said Victoria R. Fash, Cognizant's executive vice president and chief
financial officer.  "Consistent with our policy of monetizing properties which
don't augment core businesses, the $31.1 million of cash proceeds returns
value to our shareholders."
    Aspect Development was an investment of Cognizant Enterprises, Cognizant's
in-house venture capital business.
    "Aspect has performed well since its initial public offering," said
Venetia Kontogouris, president of Cognizant Enterprises.  "An attractive
feature of our venture portfolio is consistent, excellent returns.  Aspect
generated a return in excess of 13 times our initial investment made in 1993."
    Based in Westport, Conn., Cognizant Corporation integrates information and
technology to create business insight.  The company employs more than 10,000
professionals in nearly 100 countries, and generates annual revenue in excess
of $1.7 billion.  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.  Cognizant's
Emerging Markets Group focuses on new and developing technologies in the
information services industry.

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