Cognizant To Cut Nearly 800 Healthcare, Life Sciences Jobs
Cognizant Technology Solutions (CTS) announced that it is cutting its workforce by around 800 people in some verticals such as healthcare and life sciences, with most of the layoffs probably taking place at the offices of the firm’s subsidiary Trizetto in Pune, India. Cognizant acquired Trizetto, which specializes in developing software for the healthcare industry, in 2015. According to reports, Trizetto has 1,500 employees and the bulk of the layoffs will be from this center. Cognizant maintains that it continues to have a strong hold on the healthcare segment in terms of providing IT solutions, a division in which it employs 30,000 people.
Analysts said Cognizant’s business has declined since the start of the second quarter of 2017. The business was growing between 9.5% and nearly 12%, but growth dropped to 4.6% in the quarter ending March this year and then further to 3.1% in the last quarter ended June. The lower growth rates in the past few quarters are said to be due to some new regulatory measures in the US and other external and internal concerns.
