North Carolina Economic Development Guide

2017

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51 N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E 51 N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E N O R T H C A R O L I N A E C O N O M I C D E V E L O P M E N T G U I D E T he Teaneck, N.J.-based company fi rst established a presence in North Carolina in 1997, and as the state's economy has grown and diversifi ed, so has Cognizant. The IT consulting fi rm, which today has more than 50 delivery and operations centers worldwide and approximately 244,300 employees, uses digital technologies to help companies enhance productivity and operate more effi ciently. Working within several core industries, most notably fi nancial services, health care and manufacturing, Cognizant is one of the world's fastest growing companies. In 2016, it ranked No. 230 on the Fortune 500, jumping 58 spots from the previous year. The company's most recent North Carolina expansion began in 2014. The state awarded the company a Job Development Investment Grant of up to $5 million to add 500 jobs with an average annual salary of about $80,000 and invest more than $1.4 million by the end of 2018. North Carolina edged out sites in Florida, Texas and Virginia to win the project. Company offi cials indicated that North Carolina is an attractive place because the state is home to large current and prospective clients and also boasts strong educational institutions and a thriving technology base. Cognizant employs about 2,500 people throughout the state, including sites in Charlotte, Greensboro, Raleigh and Wilson. The company posted $12.4 billion in revenue in 2015, and $1.6 billion in net income. The most recent expansion included about 150 jobs in Charlotte as well as a new IT delivery and operations center. Company offi cials said the new center focuses on helping clients transform into digital enterprises by utilizing new technologies. Cognizant helps banks and other fi nancial-services fi rms analyze data generated by mobile and social computing in order to streamline services. Some of Cognizant's key innovations include its Emerging Business Accelerator. A key part of this initiative is digital technologies, in which the company's research and development teams experiment with new software that studies and predicts customer behavior. Several factors are driving demand for Cognizant's services in the banking sector. In response to the recession of 2007-09, central banks and government bodies have adopted policies to manage interest rates, raise capital requirements, impose new regulations and institute risk-mitigation measures. Such actions have curtailed some revenue sources and increased compliance costs for most financial institutions. Moreover, a growing number of institutions are adopting new digital technologies to change the way they interface with customers and employees and manage their operations. COGNIZANT TECHNOLOGY SOLUTIONS: HELPING FINANCIAL-SERVICES COMPANIES ADOPT NEW DIGITAL TECHNOLOGIES F I N A N C I A L T E C H N O L O G Y

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