Cognizant (NASDAQ: CTSH), a leading provider of IT and business process outsourcing services, today announced that it was among the select companies that Forrester invited to participate in The Forrester Wave: North American Applications Outsourcing Q1 2007. In this evaluation, Cognizant was recognized as a leader in the report and cited as the top offshore provider for North American applications outsourcing.

“Among leading Indian offshore firms, Cognizant received the highest overall grade for cultural fit while remaining price-competitive,” states the report by Forrester Research. “Cognizant performed well in our analysis because of a variety of strengths. One that stood out in particular was its cultural affinity with US clients. ‘What makes them so good is their ability to understand the U.S. culture,’ said one customer reference, who rated Cognizant as its top applications outsourcing (AO) provider. Cognizant also exhibited strong price competitiveness: a one-two punch that helps to explain its rapid growth.”

The rankings represent Forrester’s selection of the top performers from each of the major categories that make up the North American Applications Outsourcing Providers — multinational corporations (MNC’s) and offshore players. Top companies in each sector were chosen based on current offerings (technical, engagement and functional approach; client references; and complementary capabilities), strategy (solution and corporate) and market presence (based on customer base, financial performance and engagement profile).

“We are honored to be recognized by Forrester for our applications outsourcing strategy, cultural fit and global delivery capabilities,” said Francisco D’Souza, President and CEO, Cognizant. “What distinguishes Cognizant in the applications outsourcing market is our utmost focus on client satisfaction and our commitment to delivering higher returns on their IT outsourcing investment. This recognition is a testament to the hard work and dedication of our talented employees around the world, and to our deep and long experience in Applications Outsourcing, which has resulted in the maturity and completeness of our offerings.”