Cognizant Technology Solutions Awarded Applications Outsourcing Contract by HealthNet.TEANECK, NJ--(BUSINESS WIRE)--March 24, 1999--Cognizant Technology Solutions Corporation (CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . ) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTSH), an applications outsourcer providing software development and maintenance services, today announced that it has entered into a multi-phase agreement to provide a range of application outsourcing services to HealthNet, Inc., a leading health care organization offering a full complement of Health Maintenance Organizations, Preferred Provider Organizations, Point of Service (POS (1) See point of sale and packet over SONET. (2) "Parent over shoulder." See digispeak. POS - point of sale ) Plans, and other programs to 363,000 members in Kansas and Missouri and the surrounding areas. HealthNet is currently implementing Erisco's Facets solution--the industry's most production proven client/server solution for managed care administration. Under the multi-phase agreement, CTS will facilitate data mapping to Facets, design and develop Facets interfaces and create and implement a number of other enhancements to Facets running on an IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) RS 6000 client/server platform. "HealthNet has struggled for years to balance the business needs of buy vs. build," according to Joe Brisson, Director of EAI and E-Commerce, HealthNet. "Maintaining an internal development staff and instilling the disciplines necessary to be successful in the long-run, like CMM (Capability Maturity Model) A process developed by SEI in 1986 to help improve, over time, the application of an organization's supporting software technologies. certification, is expensive and difficult to staff in the domestic market. CTS is providing both the technical skills HealthNet requires and the depth of resources necessary to meet our changing market demands for rapid application development." "We are very pleased that HealthNet has selected CTS as an application outsourcing partner," said Kumar Mahadeva, Chairman and Chief Executive Officer Cognizant Technology Solutions Cognizant redirects here. For a definition of the word see the entry for at Wiktionary Cognizant Technology Solutions (NASDAQ: CTSH) is an information technology services company with headquarters in New Jersey U.S.A. . "This agreement represents another advance in our rapidly growing practice in the health care industry. We will leverage our industry expertise, as well as our skills in the relevant technologies, to provide seamless, cost-effective solutions to HealthNet." Project work for HealthNet will be done using CTS' on-site/offshore project execution model. System design and development work will take place at a CTS development center in India, while specifications, user interface development, system testing and integration, will take place on-site at HealthNet's Kansas City location. About HealthNet, Inc. HealthNet is a leading managed health care company based in Kansas City, MO, serving the health care needs of more than 363,000 members in the bi-state Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. and surrounding area. It offers a full complement of health plans, including one of the fastest-growing health maintenance organizations (HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, ) in the country, point of service (POS) plans, an exclusive provider organization exclusive provider organization (EPO), n a dental benefits plan that provides benefits only if care is rendered by institutional and professional providers with whom the plan contracts (with some exceptions for emergency and out-of-area services). (EPO EPO see erythropoietin. EPO Erythropoietin, see there ), managed care plans for self-funded groups, a Medicare HMO and Medicaid plans, and other programs including mental health plans, an Employee Assistance Program (EAP) product, and pharmaceutical benefits plans. About Cognizant Technology Solutions Corporation Cognizant Technology Solutions Corporation (CTS) delivers high-quality, cost-effective, full life cycle solutions to complex software development and maintenance problems. Using an extraordinary pool of over 1,600 computer science and engineering professionals located at client sites and at seven development centers in India, the company's offerings include application development, maintenance and re-engineering, as well as year 2000 and Euro currency compliance services. CTS core competencies extend across a range of technologies, encompassing data warehousing, web-enabling, Internet, object-oriented development, client/server and legacy platforms. For more information, visit CTS on the web at http://www.cts-corp.com. This press release includes statements which may constitute forward-looking statements made pursuant to t he safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although Cognizant believes the expectations contained in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove correct. These statements may involve risks and uncertainties that could cause actual results to differ materially from the expected results. Such risks include, but are not limited to, the risk factors described in Cognizant's Registration Statement on Form S-1 and in other reports and periodic filings made from time to time with the Securities and Exchange Commission. |
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