Cognizant Technology Solutions

Cognizant - the American multi-national provider of IT services with the headquarters in Teneka (New Jersey, the USA).

Cognizant Technology Solutions conducts activity in several directions – financial services health careretaillogistics production(s) other. The company was founded in 1994, in 1998 carried out initial public offering, and in 2011 was included in the rating of Fortune 500 which participant remains to this day.

History

2020: Entry into the rating of the most effective developer companies of digital products according to Forrester

The Forrester company provided on July 29, 2020 "the rating of the most effective developer companies of digital products". Within complex assessment all participants were estimated by 29 criteria, 12 providers got to a top of rating: BCG, Bresslergroup, Cognizant, EPAM, frog, Harman, Huge, Slalom, ThoughtWorks, Virtusa, WillowTree and Wipro. Read more here.

2019: A fine of $25 million for bribery of officials at construction of office

In the middle of February, 2019 Cognizant was fined in the amount of $25 million for bribery of officials at construction of office. Being to the heads of the IT company who organized the transaction charge of bribery was brought to two.

In 2014 the high-ranking officials of the Indian government demanded $2 million from the construction company building office for Cognizant in the city of Chennai. The president of Cognizant Gordon Coburn and the general counsel Steven Schwartz authorized the contractor to pay a bribe and ordered to the subordinates to cover up tracks by changes in the contract. It is supposed that heads used dummy change requests of the contract to hide illegal payments.

The Cognizant IT company was fined $25 million for bribery of officials

In 2016 the Teaneck company began internal investigation concerning the suspicious payments connected with construction of facilities in India. The company voluntarily notified the Ministry of Justice and the U.S. Securities and Exchange Commission on results of investigation. In September, 2016 Cognizant announced that Koburn resigned as the president of the company after more than four years' stay at this position.

As a result of the made investigation SEC accused Koburn and Schwartz of violation of the federal legislation about the securities concerning fight against bribery, accounting and the reporting and also internal control behind accounting. Meanwhile federal prosecutors showed to Koburn and Schwartz criminal charges, and fined Cognizant company $25 million.

The Ministry of Justice and the U.S. Securities and Exchange Commission expressed gratitude to Teaneck company for timely informing on the revealed bribes and permanent cooperation.^[1]

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