Under new chief, Cognizant is aggressively hunting for acquisitions
Brian Humphries is up against several challenges including a management exodus, high attrition rates and stiff competition.
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BRIAN Humphries, chief executive of the Nasdaq-listed Cognizant Technology Solutions, is on a buying spree. Hoping to put the outsourcing company on the map as a high-growth stock, Humphries has led a string of six bolt-on acquisitions in 2021 alone. He has promised more deals to come.
This strategy hasn't paid off for shareholders yet. Cognizant's stock has fallen 5.0 per cent in the year to Oct 8. In comparison, shares of competitors Wipro and Accenture were up 53.9 per cent and 26.8 per cent, respectively, in what has been a boom year for many information technology companies.
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