Cigniti CFO Speaks With CNBC Bajar on Q1FY24 and Business Outlook
In an interview with CNBC Bajar, Krishnan Venkatachary, CFO at Cigniti Technologies discusses Q1FY24 performance & business outlook.
31
Jul
28
Jul
Cigniti Technologies reports the financial results for Q1FY24
Consolidated Revenue Rs. 439.53 crores and Net Profit Rs. 44.56 Cr
Standalone Revenue Rs. 190.30 crores and Net Profit Rs. 27.16 Cr
Consolidated Financial Performance for Q1YF24 v/s Q1FY23 (Corresponding Year)
- Revenue of Rs. 439.53 crore v/s. Rs. 377.97 crore [16.3%]
- Reported EBITDA of Rs. 62.07 crore v/s. Rs. 44.55 crore [39.3%]
- PAT of Rs. 44.56 crore v/s. Rs. 31.00 crore [43.7%]
Consolidated Financial Performance for Q1FY24 v/s Q4FY23 (Sequential Quarter)
- Revenue of Rs. 439.53 crore v/s. Rs. 424.97 crore [3.4%]
- EBITDA reported of Rs. 62.07 crore v/s. Rs. 68.37 crore [-9.2%]
- PAT of Rs. 44.56 crore v/s. Rs. 49.24 crore [-9.5%]
Hyderabad, 28th July 2023: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended June 30, 2023.
For the quarter under consideration, the company's consolidated revenue from operations stood at Rs. 439.53 crore as against Rs. 424.97 crore in Q4FY23.
EBITDA margin for the June quarter is at 14.1% and stood at Rs. 62.07 crore as against Rs. 68.37 crore in Q4FY23.
The company’s reported Net Profit for Q1FY24 stood at Rs.44.56 crore as against Rs. 49.24 crore in Q4FY23.
Commenting on the results, Mr. Srikanth Chakkilam, CEO & Director, Cigniti Technologies Inc., said, "We have achieved a reasonable performance in Q1FY24 given the headwinds in the economy. We continue to observe the environment cautiously and work towards achieving sustainable growth in the coming quarters.
During the quarter, the Company has made inroads into the digital engineering space with its top 50 clients. The company is confident that its relentless focus on delivering high-quality solutions to its clients, along with innovative service offerings, shall result in enhanced performance."
Highlights for the quarter ended June 30, 2023:
- Revenue from the top 5 clients contributed approximately 23.12% of the Revenue.
- BFSI, Retail & e-commerce and Travel & Transport sectors contributed in a major way to the revenue for Q1’FY24
- Revenue splits geographically: North America & Canada – 83.06%, UK & Europe – 9%, Rest of the World – 7.94%.
Furthermore, we take immense pride in the recent acknowledgments we have received.
- Nelson Hall’s NEAT report "Quality Engineering 2023" has recognized us as a Leader in Overall Quality Engineering, AI-based Analytics and Automation, Application Security Testing, Cloud Migration, and RPA.
- The leading analyst firm also acknowledged Cigniti as an Innovator in UX Testing and a Major Player in ERP and COTS Testing. These accolades reflect our continued focus on innovation and the pursuit of excellence.
- Additionally, ISG recognized Cigniti as a Product Challenger and Contender in the US and Europe Regions in the ISG Provider Lens™ Digital Engineering Services 2023 study.”
About Cigniti Technologies Limited:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company. Headquartered in Hyderabad, India, Cigniti’s 4200+ employees help Fortune 500 and Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP and platform-led innovation with expertise across multiple verticals and domains. To learn more, visit www.cigniti.com.
For further information, please contact:
Gaurangi Veshvikar
Adfactors PR
Mob: +91 9321923248
Email: gaurangi.veshvikar@adfactorspr.com
Midhun Pingili
Cigniti Technologies
Mob: +91 8886093093
Email: midhun.pingili@cigniti.com
28
Jul
Cigniti Technologies reports the financial results for Q1FY24
Consolidated Revenue Rs. 439.53 crores and Net Profit Rs. 44.56 Cr
Standalone Revenue Rs. 190.30 crores and Net Profit Rs. 27.16 Cr
Consolidated Financial Performance for Q1YF24 v/s Q1FY23 (Corresponding Year)
- Revenue of Rs. 439.53 crore v/s. Rs. 377.97 crore [16.3%]
- Reported EBITDA of Rs. 62.07 crore v/s. Rs. 44.55 crore [39.3%]
- PAT of Rs. 44.56 crore v/s. Rs. 31.00 crore [43.7%]
Consolidated Financial Performance for Q1FY24 v/s Q4FY23 (Sequential Quarter)
- Revenue of Rs. 439.53 crore v/s. Rs. 424.97 crore [3.4%]
- EBITDA reported of Rs. 62.07 crore v/s. Rs. 68.37 crore [-9.2%]
- PAT of Rs. 44.56 crore v/s. Rs. 49.24 crore [-9.5%]
Hyderabad, 28th July 2023: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, announced the consolidated financial results for the quarter ended June 30, 2023.
For the quarter under consideration, the company's consolidated revenue from operations stood at Rs. 439.53 crore as against Rs. 424.97 crore in Q4FY23.
EBITDA margin for the June quarter is at 14.1% and stood at Rs. 62.07 crore as against Rs. 68.37 crore in Q4FY23.
The company’s reported Net Profit for Q1FY24 stood at Rs.44.56 crore as against Rs. 49.24 crore in Q4FY23.
25
Jul
Cigniti’s IP, ZastraTM, has been Recognized in the “The Computer Vision Tools Landscape, Q2 2023” Report by Independent Research Firm
Dallas, July 25, 2023 - Cigniti Technologies, the world's leading AI & IP-led Digital Assurance and Digital Engineering services company, is delighted to announce that for the first time that its IP, ZastraTM, has been recognized as one of the notable vendors in Forrester's report titled "The Computer Vision Tools Landscape, Q2 2023."
Zastra™, Cigniti’s Computer Vision (CV) Platform offering is identified in the report as a general purpose foundation, built to be extensible, that can be used to build any type of application. As an Enterprise-grade Annotation & Collaboration Platform for Digital Engineering services, ZastraTM employs advanced Active Learning techniques, reducing annotation efforts by up to 70% while ensuring top-notch detection, classification, and segmentation of image and video datasets.
The report states that “Computer vision technologies are still evolving — with advances in modeling, data labeling, and tool development continuing to push this space forward decades after its first emergence. CV tools can offer state-of-the-art technologies and provide use-case-specific functions that make pervasive AI possible. Hyperscalers are promoting computer vision services as an extension of their AI/ML platforms. Pure-play vendors have prioritized verticals and are expanding coverage to more types of customers. Tech leaders and business professionals will face a plethora of vendor options and should pay attention to the market dynamics”
25
Jul
Cigniti’s IP, ZastraTM, has been Recognized in the “The Computer Vision Tools Landscape, Q2 2023” Report by Independent Research Firm
Dallas, July 25, 2023 - Cigniti Technologies, the world's leading AI & IP-led Digital Assurance and Digital Engineering services company, is delighted to announce that for the first time that its IP, ZastraTM, has been recognized as one of the notable vendors in Forrester's report titled "The Computer Vision Tools Landscape, Q2 2023."
Zastra™, Cigniti’s Computer Vision (CV) Platform offering is identified in the report as a general purpose foundation, built to be extensible, that can be used to build any type of application. As an Enterprise-grade Annotation & Collaboration Platform for Digital Engineering services, ZastraTM employs advanced Active Learning techniques, reducing annotation efforts by up to 70% while ensuring top-notch detection, classification, and segmentation of image and video datasets.
The report states that “Computer vision technologies are still evolving — with advances in modeling, data labeling, and tool development continuing to push this space forward decades after its first emergence. CV tools can offer state-of-the-art technologies and provide use-case-specific functions that make pervasive AI possible. Hyperscalers are promoting computer vision services as an extension of their AI/ML platforms. Pure-play vendors have prioritized verticals and are expanding coverage to more types of customers. Tech leaders and business professionals will face a plethora of vendor options and should pay attention to the market dynamics”
Srikanth Chakkilam, CEO & Director, Cigniti Technologies Inc., said, "According to recent reports, the majority of companies with data and analytics decision-makers who are adopting AI technologies are planning to boost their investments in computer and machine vision in the upcoming year. From enhancing medical diagnoses to improving quality control in manufacturing, Computer Vision is transforming operations and unlocking new opportunities across industries. For us, this recognition further bolsters ZastraTM’s industry-proven capabilities as a computer vision tool that helps global organizations harness the power of AI in their digital transformation journeys.”
Sairam Vedam, Chief Marketing Officer at Cigniti Technologies, added, “The recognition of ZastraTM in Forrester's report is, in our opinion, a testament to the company's expertise in computer vision and its commitment to delivering innovative solutions. ZastraTM empowers organizations to enhance visual analysis and optimize various computer vision use cases through its comprehensive suite of tools, frameworks, and methodologies. We are proud to contribute to the future of computer vision and remain committed to driving innovation in the Digital Assurance and Digital Engineering space and be at the frontiers of an AI-led future.”
Forrester defines Computer Vision tools as "Software tools, software development kits (SDKs), and platforms that assist in both the development and deployment of computer vision models for multiple enterprise-level use cases. They include tools for data ingestion, data augmentation, model training, testing, and/or deployment."
Access the full report here.
About Cigniti Technologies:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World's Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4200+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore. To know more about Cigniti, visit: www.cigniti.com
For media inquiries, please contact:
Midhun Pingili
Sr. Director, Marketing
+91 8886093093
Midhun.pingili@cigniti.com
20
Jul
The Role of Soft Skills in the AI Era
Artificial intelligence (AI) is rapidly changing the world of work. Many tasks that humans once performed are now being automated by AI systems. There are growing concerns that AI might lead to job losses. However, there is also a growing recognition that AI will create new jobs requiring different skills than those currently in demand. While AI excels in efficiency and automation, it often lacks the necessary human touch for emotional understanding, creativity, and complex problem-solving.
20
Jul
Cigniti Recognized as a Leader, Innovator, and Major Player in the NelsonHall’s Latest NEAT Assessment Report: “Quality Engineering, 2023”
Dallas, Jul 20, 2023 - Cigniti Technologies, the world's leading AI & IP-led Digital Assurance and Digital Engineering services company, is recognized as a Leader in Overall Quality Engineering, AI-based Analytics and Automation, Application Security Testing, Cloud Migration, and RPA; Innovator in UX Testing and as a Major Player in ERP and COTS Testing in the NelsonHall's NEAT report "Quality Engineering 2023”.
NelsonHall has also published a profile report covering Cigniti's Quality Engineering capabilities and innovation investments in the testing and assurance world and also touched upon our Quality-led Digital Engineering Strategy/Roadmap.
Cigniti's consistent recognition as a Leader, Innovator, and Major Player in the NEAT report anchors its position as a trusted partner for global enterprises that are seeking to ensure the quality, security, and performance of their software applications.
Dominique Raviart, NelsonHall’s IT Services Practice Director, said “Since NelsonHall started evaluating Quality Engineering firms, Cigniti has consistently improved its positioning in our NEAT vendor evaluations. NelsonHall welcomes Cigniti’s automation investments in Functional Testing, such as its iNStaTM AI capability, and its investments beyond functional testing to include, for example, UX Testing.”
Srikanth Chakkilam, CEO & Director, Cigniti Technologies Inc., commented, "We are honored to receive this distinguished recognition from NelsonHall, solidifying our position as leaders in Quality Engineering. It reaffirms Cigniti's commitment to delivering cutting-edge Quality Engineering solutions and showcases its ability to drive innovation in the Software Testing industry. Our focus on AI-based analytics, automation, and cutting-edge technologies has enabled us to deliver exceptional client outcomes. Together, we will continue to lead the way in transforming the industry and exceeding our clients’ expectations by truly delivering frictionless digital customer experiences through impeccable Digital Assurance services.”
Sairam Vedam, Chief Marketing Officer at Cigniti Technologies, added, "Being positioned in NelsonHall's NEAT report is a testament to our continued recognition as a market leader. Our comprehensive portfolio of IP-led services, combined with a robust reference architecture and cutting-edge labs, showcases our dedication to delivering top-notch solutions. From Continuous Testing and Application Migration to Cloud Testing and AI-based automation and analytics, RPA, UX Testing, and Application Security Testing, we constantly enhance our IPs and tools. At Cigniti, we are not just shaping the future of software testing and quality engineering; we are redefining it. Our relentless pursuit of innovation and customer satisfaction is what sets us apart.”
Access the full report here.
About Cigniti Technologies:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the world's leading AI & IP-led Digital Assurance and Digital Engineering services company. 4200+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & platform-led innovation with expertise across multiple verticals and domains. Our industry-leading Digital Assurance and AI-led Digital Engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, Singapore, and Costa Rica. To know more about Cigniti, visit: www.cigniti.com
About NelsonHall:
NelsonHall is a renowned global research and advisory firm specializing in business process outsourcing (BPO), IT services, and digital transformation. With a wealth of expertise and industry insights, NelsonHall assists organizations in understanding market dynamics, identifying strategic opportunities, and making informed decisions to optimize their operational efficiency and achieve business objectives. By providing comprehensive analysis and vendor assessments, NelsonHall helps businesses navigate the rapidly evolving technology landscape and stay ahead in the competitive market. For more information visit https://research.nelson-hall.com/
For media inquiries, please contact:
Midhun Pingili
Sr. Director, Marketing
+91 8886093093
Midhun.pingili@cigniti.com
20
Jul
Cigniti Recognized as a Leader, Innovator, and Major Player in the NelsonHall’s Latest NEAT Assessment Report: “Quality Engineering, 2023”
Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, is recognized as a Leader in Overall Quality Engineering, AI-based Analytics and Automation, Application Security Testing, Cloud Migration, and RPA; Innovator in UX Testing and as a Major Player in ERP and COTS Testing in the NelsonHall’s NEAT report “Quality Engineering 2023”.
NelsonHall has also published a profile report covering Cigniti’s Quality Engineering capabilities and innovation investments in the testing and assurance world and also touched upon our Quality-led Digital Engineering Strategy/Roadmap.
Cigniti’s consistent recognition as a Leader, Innovator, and Major Player in the NEAT report anchors its position as a trusted partner for global enterprises that are seeking to ensure the quality, security, and performance of their software applications.
15
Jul
How Does Generative AI technology Impact the Healthcare Industry and Its Security and Privacy?
Generative AI, a subset of artificial intelligence, has emerged as a powerful tool in healthcare, offering a range of benefits that have the potential to revolutionize medical research and patient care. Generative AI algorithms have the capability to create new and realistic data based on patterns and knowledge learned from existing datasets. In healthcare, this technology has shown promise in a variety of areas, including drug discovery, medical imaging analysis, and patient risk prediction. But there are also potential security and privacy risks as well.
03
Jul
Cigniti CFO Speaks With CNBC TV18 on Q1FY24 Performance and Business Outlook
In an interview with CNBC TV18, Krishnan Venkatachary, CFO at Cigniti Technologies discusses Q1 performance & FY2024 outlook.
28
Jun
ISG Recognizes Cigniti as “Product Challengers” and “Contenders” in the US and Europe Regions in the ISG Provider Lens™ Digital Engineering Services 2023 Study
Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, is delighted to announce its recognition as Product Challengers and Contenders in the ISG Provider Lens™ Digital Engineering Services 2023 Study. This recognition is a testament to Cigniti's commitment to delivering innovative and transformative digital engineering solutions to its clients across the US and Europe regions.
- In the US region, Cigniti has been recognized as Product Challengers in Design & Development, Integrated Customer/User Engagement, Platform & Application Services, and Contenders in Intelligent Operations quadrants.
- In the Europe region, Cigniti has been recognized as Contenders in Design & Development, Integrated Customer/User Engagement, Platform & Application Services, and Intelligent Operations quadrants.
Srikanth Chakkilam, Chief Executive Officer at Cigniti Technologies, commented, "We are honored to be recognized as Product Challengers and Contenders in the ISG Provider Lens™ Digital Engineering Services 2023 Study. This recognition is a firm step towards our journey of becoming a leading quality-first digital engineering services player and accomplish our stated objectives. This acknowledgment validates our dedication to innovation and our ability to deliver high-quality digital engineering solutions to our clients. It reinforces our position as a trusted partner for organizations seeking quality-led digital engineering services where that can truly accelerate digital transformation and deliver enhanced customer experiences."
Sairam Vedam, Chief Marketing Officer at Cigniti Technologies, added, "We are delighted to receive this recognition from ISG. Being acknowledged as Product Challengers and Contenders in multiple quadrants demonstrates our expertise across different aspects of digital engineering services. This surely elevates our positioning in achieving significant mindshare amongst our customers to become a trusted partner of digital-led business growth. As software sits at the center of every company’s digital charter, our resolve to offer a confluence of AI and IP-led Digital engineering services with an incredible ability to put quality at the digital core is further elevated. This recognition motivates us to have deeper conversations with our customers to understand and accelerate their digital journeys."
The ISG Provider Lens™ Digital Engineering Services 2023 Study evaluates the capabilities and competencies of service providers in delivering digital engineering services to clients across US and EU. It serves as a valuable resource for organizations seeking reliable partners for their digital transformation initiatives.
“Cigniti has built and deployed world-class accelerators to enable clients' digital transformations in a strongly differentiated quality-assured, IP and innovation-led approach. Their solutions like Zastra.ai, the BlueSwan™ offerings including Velocita, Praxia, CESA, etc. enable key customer functions in digital engineering and transformation in a proven, industry-relevant manner.” Dr. Tapati Bandopadhyay, Lead Analyst
“Cigniti has demonstrated a promise to lead the path to become a full-cycle Digital Engineering Company through its proprietary platforms and integrated strategies across the end-to-end value chain through the levers like Quality Engineering, Digital Assurance, Advisory, & Transformation and a laser-sharp focus on Digital Engineering.” Shirish Kulkarni, Lead Analyst
The report highlights, “Digital engineering is driving interventions across industries to increase efficiencies and effectiveness, the following trends that are evident across the providers to disrupt the market in the Digital Engineering Space, Engineering R&D (ER&D) becoming a strength, Focus on software to be central for digital offerings, CX is a key driver for success in the long term, Global preparedness with the right competencies, Supply chains becoming visible and intelligent. The integration of technologies like mobility, big data, AI, ML, IIoT, and predictive analytics has led to the digitization of the entire value chain, encompassing various stages from product development to manufacturing and across industries.”
To view the charts, click here.
About Cigniti Technologies:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4200+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 25 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore. To know more about Cigniti, visit: www.cigniti.com
About ISG:
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including 75 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including digital engineering, automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; technology strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
For media inquiries, please contact:
Midhun Pingili
Sr. Director, Marketing
+91 8886093093
Midhun.pingili@cigniti.com
23
Jun
Cigniti Technologies and Mahatma Gandhi Institute of Technology (MGIT) Collaborate to Bridge Industry-Academia Gap and Empower Future IT Professionals
Hyderabad, June 23rd, 2023: Cigniti Technologies, the world's leading AI and IP-led Digital Assurance and Digital Engineering services company, has entered into a Memorandum of Understanding (MoU) with Mahatma Gandhi Institute of Technology (MGIT), a prestigious Hyderabad-based educational institution, to launch an innovative training program aimed at bridging the gap between academia and industry.
This association between Cigniti and MGIT aims to equip students with practical skills and technical knowledge that align with the demands of the ever-evolving IT industry. Leveraging Cigniti's industry experience, a customized training program has been curated to empower students with the necessary tech and professional skills, enabling them to excel in their careers. The comprehensive training program will include a robust curriculum aligned with industry requirements, hands-on workshops, and practice labs. Additionally, this collaboration will open doors for real-time projects, guest lectures by subject matter experts (SMEs) from Cigniti, and potential internship opportunities, providing students with invaluable industry exposure.
"MGIT takes immense pride in announcing the signing of a Memorandum of Understanding (MoU) with Cigniti Technologies. This MoU signifies a strong bond between MGIT & Cigniti Technologies, built on shared values and a common vision to empower students and foster excellence. Through this collaboration, we aim to bridge the gap between academia and the industry, ensuring that our students are well-equipped to thrive in the ever-evolving world of technology." - Prof. G. Chandramohan Reddy, Principal, MGIT.
"Cigniti is happy to partner with MGIT to create a dynamic learning experience that combines academic knowledge and practical industry skills. Through this collaboration, we aim to nurture a well-prepared, skilled workforce to meet the industry's challenges. Cigniti brings its extensive expertise and industry insights to the table, leveraging its deep domain knowledge and global experience in technology through the C-ignite program. We believe this collaboration will bring immense value to Cigniti and MGIT." - Veera Reddy Patlolla, Global Head of HR, Cigniti Technologies.
Along with Veera Reddy and Prof. Chandramohan Reddy, the signing ceremony was graced by the leadership team from both sides.
14
Jun
Cigniti Technologies Wins Bronze Stevie® and People’s Choice Stevie® Award in 2023 American Business Awards®
iNStaTM, Cigniti’s AI-powered Scriptless Test Automation Platform, Wins Bronze Stevie® Award and People's Choice Stevie® Award in Low Code/No Code Platform Category
New York – June 14th, 2023 – Cigniti Technologies, the world's leading AI and IP-led Digital Assurance and Digital Engineering services company, has won the Bronze Stevie® Award in the Low Code/No Code Platform category in the 21st Annual American Business Awards® for its AI-powered scriptless test automation platform, iNStaTM (part of BlueSwanTM suite) next-generation software testing platform.
Cigniti’s iNStaTM has also been named a Winner of the People's Choice Stevie® Award for Favorite New Products in the No Code / Low Code category. The People's Choice Stevie Awards for Favorite New Products is a significant feature of The American Business Awards, allowing the general public to vote for their preferred new products and services of the year. This year, more than 41,000 votes were cast in the people's choice categories across product and service lines, making this recognition unique.
Cigniti’s Chief Executive Officer, Srikanth Chakkilam and Chief Revenue Officer, Vinay Rawat, accepted the award at the gala presentation ceremony in New York City on 13th June 2023.
The American Business Awards (ABA) are the U.S.A.’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. More than 230 professionals worldwide participated in the judging process to select this year’s Stevie Award winners.
This prestigious award is a testament to Cigniti’s unwavering commitment to democratizing test script creation across different browsers and devices, allowing clients to break free from vendor lock-in through its innovative visual model-based recorder. Cigniti has reaffirmed its position as a leader in AI and IP-powered Digital Assurance & Digital Engineering services by winning this award.
iNStaTM is a self-healing and ultra-accessible test automation interface that defines tests without writing code. It instantly enables building production-grade test automation suites and helps improve overall QA efficiency and effectiveness.
On receiving this esteemed honor, Cigniti’s CEO, Mr. Srikanth Chakkilam said, "The Bronze win for our iNStaTM platform is an exciting moment for Cigniti and underscores our ongoing commitment to providing cutting-edge Digital Assurance and Digital Engineering services. This recognition highlights the incredible potential of our next-generation software testing platform, and we are elated to continue exploring new avenues to help clients break free from vendor lock-in. This award is a testament to our technical expertise and reinforces our commitment to providing clients value-added solutions that enhance their business outcomes."
“Low code/no code is revolutionizing how organizations build and automate, and we're proud to lead the way with our AI-powered Scriptless Test Automation Platform, iNStaTM. This accolade underscores the remarkable value that iNStaTM brings to the market, enabling businesses to accelerate their digital transformation journey with unprecedented efficiency and agility,” added Mr. Chakkilam.
“It is very gratifying for us to be able to recognize the achievements of such a wide variety of organizations, teams, and individuals in the 21st ABAs, and we look forward to bringing them together in New York on 13th June to celebrate with them,” said Maggie Miller, President of the Stevie Awards.
About Cigniti Technologies
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. 4200+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our industry-leading digital assurance and AI-led digital engineering services are helping global customers with measurable outcomes, millions of dollars of savings, and significant ROI. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore.
About Stevie Awards
Stevie Awards are conferred in eight programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, and the Stevie Awards for Sales & Customer Service. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
14
Jun
Cigniti Technologies Wins Bronze Stevie® and People’s Choice Stevie® Award in 2023 American Business Awards®
iNStaTM, Cigniti’s AI-powered Scriptless Test Automation Platform, Wins Bronze Stevie® Award and People's Choice Stevie® Award in Low Code/No Code Platform Category
New York – June 14th, 2023 – Cigniti Technologies, the world's leading AI and IP-led Digital Assurance and Digital Engineering services company, has won the Bronze Stevie® Award in the Low Code/No Code Platform category in the 21st Annual American Business Awards® for its AI-powered scriptless test automation platform, iNStaTM (part of BlueSwanTM suite) next-generation software testing platform.
Cigniti’s iNStaTM has also been named a Winner of the People's Choice Stevie® Award for Favorite New Products in the No Code / Low Code category. The People's Choice Stevie Awards for Favorite New Products is a significant feature of The American Business Awards, allowing the general public to vote for their preferred new products and services of the year. This year, more than 41,000 votes were cast in the people's choice categories across product and service lines, making this recognition unique.
Cigniti’s Chief Executive Officer, Srikanth Chakkilam and Chief Revenue Officer, Vinay Rawat, accepted the award at the gala presentation ceremony in New York City on 13th June 2023.
06
Jun
MedTech on Cusp of Digital Revolution
Medical device and high-tech equipment manufacturers face several challenges that evolve with the times and trends. The COVID-19 pandemic was a disruption that pushed for quicker deployment of digital technology in the MedTech industry.
Today, digitization is revolutionizing the healthcare industry from remote care to research and development (R&D) drug creation and discovery projects, monitoring and assessing, and producing advanced medical equipment.
03
Jun
Bridging the Skills Gap in the Age of AI and Automation
Talent shortage and the skills gap are possibly among the most significant problems global organizations face today. Business leaders are aware of the skills gap. They are conscious of its reality and difficulties. However, most of their organizations don't seem to be actively or successfully addressing the problem.
The COVID-19 pandemic, rapid technological advancements, shifting business priorities, and employees with higher expectations than ever are just a few of the factors making it challenging for organizations to adapt and evolve at the required pace, which means the skills gap is growing.
02
Jun
Broadcom and Cigniti to Host “DevOps and Continuous Delivery: Go from Continuous Delivery to Accelerated Delivery of Your Digital Projects” Webinar
INVITATION: Broadcom and Cigniti to host “DevOps and Continuous Delivery: Go from Continuous Delivery to Accelerated Delivery of Your Digital Projects” webinar on June 29, 2023.
WHAT: Industry leaders from Broadcom, IDC, and Cigniti, come together during this virtual webinar to explore how to go from continuous delivery to accelerated delivery of your digital projects. Cigniti and Broadcom are focused on helping enterprises accelerate their digital transformation journey, enhance software quality, and ensure faster and more efficient software releases. By leveraging Cigniti's extensive experience in quality engineering and Broadcom's robust DevOps solutions, this partnership empowers businesses to achieve seamless integration, continuous testing, and streamlined delivery pipelines, enabling them to deliver high-quality software at an accelerated pace while maintaining reliability and customer satisfaction. This virtual webinar will highlight today’s challenges and opportunities for DevOps and Continuous Delivery.
WHY: With digital transformations being the topmost priority for most enterprises today, it becomes mission-critical for technology strategists and practitioners alike to find predictable routes to the successful completion of digital transformation projects. With many disparate and disconnected systems involved in the development and delivery of new offerings, products, and functionalities, it is a perennial challenge to provide adequate infrastructure and high-quality sample data during Continuous Development (CD) sprints, resulting in low Deployment Frequency, high Lead Time for Change, and a sub-par Change Failure Rate.
In this webinar designed for key decision-makers and technology teams, you will learn:
- How to avoid DevOps pipeline stalls and unforeseen slowdowns caused by the unavailability of essential resources
- How to avoid costly rework during the Testing cycle caused by the ingestion of poor-quality test data during the development cycle
- How to monitor and optimize the Return on Investment from deployment resources by enhancing Automation, increasing Observability, and better Outcome Measurement through DevOps process management metrics
WHO: “DevOps and Continuous Delivery: Go from Continuous Delivery to Accelerated Delivery of Your Digital Projects” will bring together the industry leaders, including:
- Martin Salgado, Architect from Broadcom
- Katie Norton, Senior Research Analyst from IDC
- Ramendeep Bhurjee, Vice President from Cigniti
WHEN: “DevOps and Continuous Delivery: Go from Continuous Delivery to Accelerated Delivery of Your Digital Projects” will be held on June 29, 2023, at 11:00 a.m. EST. Registration is free.
WHERE: Wherever you are – home office, study, kitchen, etc. Reserve your spot today here: https://register.gotowebinar.com/register/7131426251062993501
About Broadcom
Broadcom Inc., a Delaware corporation headquartered in San Jose, California, is a global infrastructure technology leader built on 50 years of innovation, collaboration, and engineering excellence. With roots based on the rich technical heritage of AT&T/Bell Labs, Lucent, and Hewlett-Packard/Agilent, Broadcom focuses on technologies that connect our world. Through the combination of industry leaders Broadcom, LSI, Broadcom Corporation, Brocade, CA Technologies, and Symantec, the company has the size, scope, and engineering talent to lead the industry into the future. Broadcom is focused on technology leadership and category-leading semiconductor and infrastructure software solutions. The company is a global leader in numerous product segments serving the world’s most successful companies. Broadcom combines global scale, engineering depth, broad product portfolio diversity, superior execution, and operational focus to deliver category-leading semiconductor and infrastructure software solutions so its customers can build and grow successful businesses in a constantly changing environment.
About Cigniti
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company providing software quality engineering, software testing, automation, and consulting services. 4100+ Cignitians worldwide help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains. Our global customers have benefitted with measurable outcomes, millions of dollars of savings, significant ROI, and delightful, frictionless experiences utilizing our flagship digital assurance and full cycle software quality engineering services. Our AI-led digital engineering services cover Data engineering services, software platforms, and digital product engineering, AI/ML engineering services, intelligent automation, big data analytics, and Blockchain development. We are headquartered in Hyderabad, India, with global offices spread across the USA, Canada, UK, UAE, Australia, South Africa, Czech Republic, and Singapore.
To learn more, visit www.cigniti.com.
Contact:
Midhun.pingili@cigniti.com (+91 8886093093)
01
Jun
Cigniti Technologies Digital Engineering Services (DES) Appraised at CMMI® Development V2.0 Maturity Level 3
Hyderabad: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering Services company, has been appraised at CMMI® Development V2.0 Maturity Level 3 for its Digital Engineering Services. This significant milestone reinforces Cigniti’s commitment to excellence and sets new standard in the field of digital engineering.
The Capability Maturity Model Integration (CMMI) is an internationally recognized framework that assesses an organization’s maturity and capability in various process areas. The Level 3 appraisal showcases Cigniti’s establishment of robust and standardized processes for managing and delivering digital engineering services, ensuring consistent quality and efficiency in its offerings. This certification is in addition to the existing CMMI-SVC V2.0 Maturity Level 5 certification for Cigniti’s software testing services.
Acknowledging the achievement, Srikanth Chakkilam, CEO of Cigniti, said, “We are happy to have achieved the CMMI Development V2.0 Maturity Level 3 appraisal for our Digital Engineering Services. This achievement is aligned with our mission to become a $1 Billion company. It lays a strong path to help increase the confidence of our customers in our ability to offer world-class digital engineering services on top of our existing market leading digital assurance services. We remain committed to leveraging our standardized processes and industry best practices to drive exceptional value for our clients and fuel our continued success. This is a firm step towards marching ahead in achieving our stated goals of growth and being a preferred partner of choice in helping customers accelerate their digital journeys.”
“This certification is a testament to our internal processes and reflects our dedication to meeting and exceeding client expectations. The CMMI Development V2.0 Maturity Level 3 certification benefits our clients by assuring them of our commitment to quality. It provides a more systematic, innovative, robust project management framework and risk-aware approach to project delivery. This certificate also serves as tangible proof of our competence to consistently deliver excellence, empowering our clients with the assurance that they are partnering with a trusted organization for their digital engineering requirements,” said Raghuram Krovvidy, Chief Delivery Officer, Cigniti Technologies.
Mr. Rajiv Shetye, the first SEI authorized lead assessor in India for the CMMI, performed the appraisal using the latest version of CMMI Development Model V2.0. The appraisal evaluated various aspects of Cigniti’s digital engineering services, including requirements management, planning, technical solution, risk & opportunity management, and quality assurance.
01
Jun
Cigniti Technologies Digital Engineering Services (DES) Appraised at CMMI® Development V2.0 Maturity Level 3
Hyderabad: Cigniti Technologies Limited, the world’s leading AI & IP-led Digital Assurance and Digital Engineering Services company, has been appraised at CMMI® Development V2.0 Maturity Level 3 for its Digital Engineering Services. This significant milestone reinforces Cigniti’s commitment to excellence and sets new standard in the field of digital engineering.
The Capability Maturity Model Integration (CMMI) is an internationally recognized framework that assesses an organization’s maturity and capability in various process areas. The Level 3 appraisal showcases Cigniti’s establishment of robust and standardized processes for managing and delivering digital engineering services, ensuring consistent quality and efficiency in its offerings. This certification is in addition to the existing CMMI-SVC V2.0 Maturity Level 5 certification for Cigniti’s software testing services.
Acknowledging the achievement, Srikanth Chakkilam, CEO of Cigniti, said, “We are happy to have achieved the CMMI Development V2.0 Maturity Level 3 appraisal for our Digital Engineering Services. This achievement is aligned with our mission to become a $1 Billion company. It lays a strong path to help increase the confidence of our customers in our ability to offer world-class digital engineering services on top of our existing market leading digital assurance services. We remain committed to leveraging our standardized processes and industry best practices to drive exceptional value for our clients and fuel our continued success. This is a firm step towards marching ahead in achieving our stated goals of growth and being a preferred partner of choice in helping customers accelerate their digital journeys.”
“This certification is a testament to our internal processes and reflects our dedication to meeting and exceeding client expectations. The CMMI Development V2.0 Maturity Level 3 certification benefits our clients by assuring them of our commitment to quality. It provides a more systematic, innovative, robust project management framework and risk-aware approach to project delivery. This certificate also serves as tangible proof of our competence to consistently deliver excellence, empowering our clients with the assurance that they are partnering with a trusted organization for their digital engineering requirements,” said Raghuram Krovvidy, Chief Delivery Officer, Cigniti Technologies.
Mr. Rajiv Shetye, the first SEI authorized lead assessor in India for the CMMI, performed the appraisal using the latest version of CMMI Development Model V2.0. The appraisal evaluated various aspects of Cigniti’s digital engineering services, including requirements management, planning, technical solution, risk & opportunity management, and quality assurance.
About Cigniti:
Cigniti Technologies Limited (NSE: CIGNITITEC; BSE: 534758) is the World’s Leading AI & IP-led Digital Assurance and Digital Engineering Services Company. Headquartered in Hyderabad, India, Cigniti’s 4200+ employees help Fortune 500 & Global 2000 enterprises across 24 countries accelerate their digital transformation journey across various stages of digital adoption and help them achieve market leadership by providing transformation services leveraging IP & Platform-led innovation with expertise across multiple verticals and domains.
To learn more, visit www.cigniti.com.
Contact
Midhun.pingili@cigniti.com (+91 8886093093)
28
May
Digital Disruption in the BFSI Sector: Importance of Digital Assurance
The financial services industry is undergoing a significant transformation driven by digital disruption. The widespread adoption of digital banking & insurance applications has revolutionized how customers engage with their financial services provider. Technological advancements, evolving customer expectations, and increased competition have necessitated a rapid digital transformation within the Banking, Financial Services, and Insurance (BFSI) sector.
According to Gartner, the growth trend in the BFSI sector is expected to continue, with a compound annual growth rate of 5.7% over the upcoming years, leading to an estimated spending of approximately $715 billion by 2025.