Cognizant is Top Information Technology Company in Forbes List.

Business Editors/Hi-Tech Writers

TEANECK, N.J.--(BUSINESS WIRE)--Nov. 4, 2002

Unique 4th Generation Offshore Outsourcing Model Propels Cognizant 

to 6th Overall in Forbes 2002 Best Small Companies List

Cognizant Technology Solutions Corporation (Nasdaq: CTSH), a leading application management and e-business solutions provider, today announced that it has been picked as the top technology company in the Forbes 2002 list of best small companies in America.

"Cognizant has established itself as a leader in the fast growing offshore outsourcing market in a relatively short time, by building a leading fourth generation offshore services business model," said Kumar Mahadeva, Chairman and CEO of Cognizant. "Cognizant's focus on delivering high value technology solutions to its clients in the U.S. and Europe through its unique onsite/offshore service model has gained widespread acceptance among large blue chip companies. Our customers continue to turn to Cognizant's cost and quality advantages for ongoing management and development of their large-scale business applications. This recognition from Forbes further confirms the value of Cognizant's offshore services model as a core part of our clients' IT strategy."

Forbes evaluated companies based on five-year sales and earnings per share (EPS) growth rates. In order to qualify for the list, a company was required to demonstrate both a five-year average return on equity and a net margin of at least five percent. Cognizant's average return on equity of 25%, annualized sales growth of 62%, and annualized EPS growth of 108% placed the Company well ahead of its industry peers on Forbes' list.

Cognizant's fourth generation model is focused not just on technology, but on delivering measurable business results. For example, Cognizant's transformational outsourcing offering can completely transform a clients' application portfolio and IT organization.

Cognizant's unique model is also built around establishing a long-term close partnership with clients. Cognizant's senior client partners consult with clients and are empowered to make strategic technology decisions directly with clients to help them meet their business objectives. Cognizant's executive management is also headquartered in the US and Europe, in close proximity to clients. Compared with other offshore companies, clients find Cognizant's model more responsive and easy to work with, resulting in extremely high client satisfaction and retention.

About Cognizant Technology Solutions

Cognizant Technology Solutions Corp. (Nasdaq: CTSH) is a leading global provider of applications outsourcing and high-end technology consulting services. Focused on delivering strategic information technology solutions that address the complex business needs of its clients, Cognizant provides applications management, development, systems integration and business process outsourcing services through its unique fourth generation onsite/offshore outsourcing model.

Cognizant's more than 5,200 employees are committed to partnerships that sustain long-term, proven value for customers by delivering high quality, cost effective solutions through its development centers in India and Ireland, and onsite client teams. Cognizant maintains enterprise-wide P-CMM and SEI-CMM Level 5 assessments from an independent third party assessor was recently ranked as the top information technology company in Forbes' 200 Best Small Companies in America and in BusinessWeek's Hot Growth Companies. Further information about Cognizant can be found at www.cognizant.com.

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.