Cognizant Seals Two Consecutive Mega Deals, Including a Nearly $1 Bn Healthcare Contract
This announcement comes at a time when the broader IT services industry has been seeing a slowdown in large, long-term contracts.
Cognizant Technology Solutions has clinched two back-to-back mega deals, each valued at over $500 million, with one deal in its core healthcare segment reportedly worth close to $1 billion.
“Two weeks ago, Cognizant closed a mega deal in the Communications, Media, and Tech (CMT) space. Today, I’m glad to let you know we closed the second mega deal as well in the health sciences space,” said Surya Gummadi, President, Cognizant Americas, during a recent fireside chat with Jason Kupferberg, Senior Equity Research Analyst at Bank of America Merrill Lynch.
Significantly, both deals were directly originated by Cognizant rather than through conventional RFP processes.
“Both the mega deals were originated by us, and not from RFPs... These are transformation deals. The deal that we closed is approximately around a billion dollars. It has all the three components of renewal, expansion and new,” Gummadi added.
This announcement comes at a time when the broader IT services industry has been seeing a slowdown in large, long-term contracts.
Gummadi attributed the momentum to the company’s aggressive pivot towards **AI-led productivity and transformation initiatives. “Both the mega deals were originated by us, and not from RFPs...These are transformation deals. The deal that we closed is approximately around a billion dollars. It has all the three components of renewal, expansion and new,” he added.
