Cognizant has reported a 43% increase in revenues for its latest financial quarter compared with the same period a year ago, as customers step up their investments.
The company reported $1.2bn revenue in the third quarter of 2010 compared with $853m last year and expects the full year 2010 to see total revenue of $4.55bn which will be at least 38% higher than 2009.
Francisco d'Souza, CEO at Cognizant, said there are signs that businesses are outsourcing for reasons other than to cut costs. "Yet another strong quarter is continuing evidence that clients are not just seeking cost efficiencies, but are also stepping up investments in their business platforms and new capabilities to drive growth and innovation."
The company said its growth was broad across industries, service lines and geographies.
Cognizant's customers are mainly blue chip companies with 79% of business done in the US and11.8% in the UK.
In the UK, it makes 45% of its revenues in financial services, 18% in pharmaceuticals with the remaining 37% split between retail, manufacturing, telecoms and media.
Cognizant's biggest proportion of business is in application support, application testing as well as application development.