Cognizant Technology Solutions Corp

In Nasdaq filings last week, the US-headquartered IT services giant said it will draw $1 billion for the buyback from a $1.85 billion revolving credit facility. Cognizant had secured the credit line in 2014 to support the $2.7 billion acquisition of Trizetto, a healthcare-focused IT firm.

Cognizant aims to boost investor confidence amid a 38% stock decline this year. The buyback increase reflects the company's belief in AI's long-term growth potential.

An internal memo cited “real and accelerating” industry shift as Cognizant trims costs, expands through Astreya acquisition, and channels savings into AI investments

At least 100 individuals are likely impacted as lawsuits claim Cognizant delayed disclosing TriZetto data breach, causing potential identity theft and financial losses.

This week, Mint wrote about Cognizant’s move to monitor productivity via mouse and keyboard activity, India’s personal data protection law, startups bringing trial rooms to our homes, and more.

In an interim ruling, the court set aside a single-judge order from June 2024 that had allowed Cognizant to continue using the logo during the course of a trademark infringement case filed against it by a Bengaluru company.

While IT service providers, including Cognizant Technology Solutions and Zensar Technologies, said they are bagging deals through client mining efforts, peers Birlasoft Ltd and Firstsource Solutions Ltd are focusing on creating large deals.

Jury selection in the case of two former Cognizant executives will start Monday, despite the president’s brake on the Foreign Corrupt Practices Act.