Latin America to represent 3-5% of global earnings in 3 years, says Cognizant - Regional
Latin America to represent 3-5% of global earnings in 3 years, says Cognizant - Regional
Sunday, November 8, 2009
(BNamericas.com) - US IT services firm Cognizant (Nasdaq: CTSH) expects Latin America to represent 3-5% of global sales within the next three years, the company's country manager for Argentina, Cristián Argüello, told BNamericas.
Latin America currently represents less than 1% of the firm's global sales, which hit US$2.82bn in 2008. Cognizant expects global revenues to reach US$3.1bn this year.
Within Latin America, Cognizant has a development center in Argentina, which serves 15 global clients in industries such as insurance and pharmaceuticals. Cognizant focuses on providing those firms with business application support and maintenance.
Argüello said the company has started work on a new development center in Brazil and an office expansion plan in Mexico to help capture IT outsourcing business opportunities.
"We have an expansion and business development plan for the region," he said. "The center in Brazil will focus on developing the domestic market. It will not affect development at the center in Argentina, which will have multiple foci while serving global accounts."
"The situation in Mexico will be a mix. In some cases for specific services like BPO, services will be offered from Mexico. The office will also serve the local market," he added.
The executive was unable to disclose investment figures.
SHARED SERVICES CENTERS
Shared service centers have taken center stage in Cognizant's Latin America strategy, Argüello said.
"What we are seeing is that many multinational companies with presence in the region are following a trend of optimizing their costs through the construction of regional shared service centers," he said. "At the same time, there is a trend towards seeking a strategic partner, such as Cognizant, to help them develop those centers."
Other top business opportunities include IT services for financial, pharmaceutical and retail companies in Mexico, Brazil, Argentina and Chile.
Globally, Cognizant has 50 delivery centers that serve 560 clients, including 46 of the Fortune 100 companies. The company has over 64,000 employees worldwide....
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