Cognizant Technology Solutions, started as a IT development and maintenance services arm of Dun & Bradstreet Corporation in 1994, has overtaken the country’s third largest software services exporter Wipro in revenues on Tuesday. Cognizant earned revenues of $1.485 billion, up 34.4% year-on-year, as against Wipro’s $1.407 billion for the quarter ended June 2011. The company is also narrowing the gap with Infosys. At the end of the June quarter, the gap between Infosys and Cognizant was $186 million and going by the guidance for July-September, the revenue gap is likely to narrow to $160 million. More importantly, Cognizant forecast a strong third quarter (July-September), at a time when rival Indian IT services exporters have warned of slowing technology spending.
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