LONDON and TEANECK, New Jersey -
- Cognizant’s Broad Spectrum of Services Will Help ELEXON Meet Future Balancing and Settlement Code Requirements of the Industry, While Improving its Services and Rationalizing Costs
Cognizant (Nasdaq: CTSH), a leading provider of consulting, technology, and business process outsourcing services, today announced that it has been selected by ELEXON, the Balancing and Settlement Code (BSC) Company, to help it deliver the settlement of electricity trading for Great Britain, while improving its current services, rationalizing costs, and strengthening its capability to meet the future BSC requirements of the industry.
As part of the five-year engagement, Cognizant will provide a broad spectrum of strategic development, application management and support services to enable ELEXON to present the industry with clear options on the evolution of Balancing and Settlement Code systems, and add value to the services it offers in managing the settlement of electricity costs between suppliers, generators and other parties involved in the industry. With the wider energy debate focusing on emerging technologies and issues of security of supply and sustainability, the relationship incorporates a new strategic development service that focuses on the longer term future.
Hailing the relationship as the beginning of a new chapter of enhanced collaborative working that will benefit both ELEXON and BSC parties, Stuart Senior, ELEXON’s Chief Executive, said: “This is a time of large-scale change for the industry. We feel that by selecting Cognizant as ELEXON’s partner in delivering these services, we are poised to meet the challenges of shaping and delivering the Balancing and Settlement Code well into the next decade. We selected Cognizant because of its global delivery model, high service levels and a strong commitment to innovation, forward thinking, and collaborative working with ELEXON and the industry.”
“We are pleased to have been selected by ELEXON,” said Sanjiv Gossain, VP and Country Head, UK and Ireland, Cognizant. “Leveraging our deep consulting, domain and technology expertise, we are committed to act as a transformational partner driving powerful thought leadership and business-aligned IT solutions to help ELEXON define industry trends, and generate value through process optimization and cost containment to address the long-term challenges spawned by a rapidly changing energy landscape.”
About ELEXON
ELEXON is the Balancing and Settlement Code Company (BSCCo) for Great Britain. Our role is defined and created by the Balancing and Settlement Code (BSC). The BSC contains the rules and governance arrangements for electricity balancing and settlement in Great Britain and all licensed electricity companies must sign it (others may choose to do so).
ELEXON procures, manages and operates the services and systems which enable the balancing and imbalance settlement of the wholesale electricity market and retail competition in electricity supply.
Together with the BSC Panel which oversees some of our activities, it is the primary source of experience and expertise on the BSC. Find out more at: www.elexon.co.uk
About Cognizant
Cognizant (Nasdaq: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services. Cognizant’s single-minded passion is to dedicate our global technology and innovation know-how, our industry expertise and worldwide resources to working together with clients to make their businesses stronger. With over 50 global delivery centers and more than 64,000 employees as of June 30, 2009, we combine a unique onsite/offshore delivery model infused by a distinct culture of customer satisfaction. A member of the NASDAQ-100 Index and S&P 500 Index, Cognizant is a Forbes Global 2000 company and a member of the Fortune 1000 and is ranked among the top information technology companies in BusinessWeek’s Hot Growth and Top 50 Performers listings. Visit us online at www.cognizant.com.
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Source: Cognizant Technology Solutions
Media Contact, UK: Michele Cotton, +44-07979-504927, michele.cotton at cognizant.com; or Media Contact, U.S.: Catherine Marenghi, +1-781-223-8673, catherine.marenghi at cognizant.com
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