Cognizant Appoints Debashish Mukherjee to Newly Created Position of Chief Technology Officer.

Business & Technology Editors

TEANECK, N.J.--(BUSINESS WIRE)--April 24, 2001

Proven Visionary Brings to Cognizant Over 19 Years of Experience

In Leading High Impact Technology Transformations At Organizations

Including Farmers Insurance, Anthem Blue Cross, and Fidelity

Investments

Cognizant Technology Solutions Corp. (Nasdaq: CTSH), a leading provider of custom software development, integration and maintenance services, today announced the appointment of Deb Mukherjee to the newly created position of Chief Technology Officer.

Deb brings over 19 years of technology leadership experience to Cognizant and is widely considered to be an outstanding technology visionary and strategist.

"Cognizant has always had a strong reputation for applying advanced technologies to solve business problems. Deb's technology expertise coupled with extensive industry experience gives him a pragmatic view of applying technology to solve business problems," said Kumar Mahadeva, Chairman and CEO of Cognizant. "Deb's experience in the Insurance, Healthcare and Financial Services industries aligns perfectly with Cognizant's industry focus areas. Under Deb's leadership, we will sharpen our technology focus and thought leadership, and ensure that we continue to bring cutting edge technology solutions to the industries that we serve."

As Chief Technology Officer of Cognizant, Deb will be responsible for leading Cognizant's global e-Architecture group which helps customers turn new technology into powerful business solutions, and re-architect mission critical legacy systems for the new demands of e-Business. Deb will also manage Cognizant's 150 strong applied R&D capability to identify and evaluate new technologies that can deliver high ROI, and to work with Cognizant business units to architect and package solutions that effectively deliver this ROI to clients.

"Cognizant has an impressive set of capabilities, experience and intellectual capital to help clients solve complex technology problems," said Mr. Mukherjee. "I look forward to leading Cognizant's advanced technology efforts to continue to provide customers with ROI-driven technology solutions. We have technology capabilities at Cognizant that are not possessed by a lot of large consulting firms. Combined with Cognizant's on-site offshore model, the potential to create value for our clients is unparalleled. I'm excited to be joining Cognizant at this important stage in the company's life cycle."

Mr. Mukherjee joins Cognizant from Farmers Insurance where he also served as Chief Technology Officer. At Farmers, Mr. Mukherjee led the transformation of Farmers from a mainframe based bricks and mortar company to a fully eBusiness enabled customer centric organization employing distributed computing. Mr. Mukherjee was also VP and CTO at Anthem and VP of the Technology Division, Portfolio Investment Systems at Fidelity Investments. He also held senior executive positions at the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and Texas Instruments. Mr. Mukherjee has a BS in Engineering from The Indian Institute of Technology and MS degrees from The University of Michigan. He has consistently delivered significant positive change and envisioned and built large industry leading technology organizations thoughout his career.

About Cognizant Technology Solutions

Cognizant Technology Solutions (Nasdaq: CTSH) is a leading provider of custom software development, integration and maintenance services that links e-business with core information systems for companies worldwide. Cognizant operates under a high quality, high value onsite/offshore model that enables better, faster and more cost effective development and deployment of large-scale systems across a wide range of transaction intensive business needs.

Its 3,200 employees are committed to partnerships that sustain long-term, proven value in order win in today's global marketplace. Cognizant was listed as one of the "Best Small Companies in America," by Forbes and as the top solutions provider and one of the top 200 Hot Companies by Business Week. Cognizant has been assessed at SEI/CMM Level 5, the highest possible rating.

Certain statements contained herein, including statements regarding the development of the Company's services, markets and future demand for the Company's services, projections on future growth potential, and other statements regarding matters that are not historical facts, are forward-looking statements (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could cause actual results to differ materially include, but are not limited to, variability of quarterly operating results, reliance on large projects, concentration of revenue, ability to attract and retain professional staff, dependence on key personnel, ability to manage growth effectively, risks associated with rapid technological advances, risks associated with possible acquisitions, risks associated with the Company's strategic partnerships, various project-associated risks, substantial competition, general economic conditions, risks associated with intellectual property rights, risks associated with international operations and other risk factors listed from time to time in the Company's filings and reports with the Securities and Exchange Commission.