IT services firm Cognizant has increased its sales by over 20% over the last three months and expects its total 2012 sales to increase by the same figure compared to 2011.
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The company, which has most of its staff in India, increased head count by 4,700 in the last three months.
Sales in its second quarter of 2012 were worth almost $1.8bn, which was 4.9% higher than the preceding quarter and 20.9% higher than the4 same three month period last year
The company expects sales for the whole of 2012 to reach $7.34bn
Cognizant said its customers are changing the way they do business through social, mobile, analytics, and cloud technologies.
Gordon Coburn, president at the firm said the economic environment is driving existing customers to buy more. “This market downturn, as with those before, is serving as a catalyst for clients to embrace a broader range of our services.”
Cognizant has not only been one of the fastest growing IT services companies for the last few years but has even ranked with the likes of Google and Apple in growth terms.
UK managing director, Sanjiv Gossain, said there was a divergence in the levels of success of India-based IT services firms as traditional advantages of offshore delivery, such as low cost, were no longer differentiators. "The success of the strategies of the different companies are now becoming more apparent."