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Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth

Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth, 08 May 2022

Cigniti CEO in Conversation with Economic Times on FY2022 and Roadmap for Growth, 08 May 2022

Smallcap IT company Cigniti Technologies, which has a market capitalization of around Rs 1,100 crore, has laid out a roadmap to become a $500-million (Rs 3,800-crore) company by 2026. Srikanth Chakkilam, CEO & Non- Executive Director, Cigniti Technologies, says the plan includes growing both organically and inorganically. “Considering the blueprint and current scenario, though we do not give guidance, we are confident of growing organically at high teens," he says in an interview with ETMarkets.com. Edited excerpts:

Cigniti mainly drives revenue from 7-8 sectors. Which segment is working the best for you?
While Cigniti is sector agnostic, 75% of our revenues come from five key sectors – BFSI (19.6%), Travel, Transport, Hospitality Entertainment (16.2%), Retail and Ecommerce (14.9%), HCLS (13.4%), and ISV (11.5%). These industries are supporting Cigniti's revenue growth and will continue to do so in the coming years, as seen by the demonstrable expansion of digital transformation in the market landscape in these sectors.

What was your attrition rate during the last 12 months? What is the revenue per employee?
Attrition percentage at the close of FY22 was at 30.31%. The revenue per employee in US dollar terms is $45,378.

The IT industry is seeing high attrition. Should one look at it positively that there is no dearth of jobs in the industry (which is a sign of growth) or negatively that companies have been unable to retain their talent?
Yes, attrition is at an all-time high in the IT industry. Organisations throughout the world have been experimenting to close the gap, which has resulted in a lot more overhead across work levels and a lack of ability to genuinely interact with their environment. Interpreting attrition in recent times is slightly more complicated than usual. The current job market has become highly volatile and costing businesses yet is lucrative for the candidates.

While employee turnover is an expected phenomenon in any organization, today we are battling how to manage prospective candidates to honor the offer and stay warm until their onboarding. The high attrition has not only increased the cost of hiring and training new employees, but has also led to incurring direct and indirect costs that include the costs of advertising available positions, performing background checks, paying out referral bonuses etc. Internal costs include management's time spent reviewing resumes, making calls and conducting interviews, as well as the time spent by dedicated recruiting staff and the HR department.

In order to smooth out these challenges, companies are attempting a multifaceted approach that includes increasing fresh hiring to increase the supply pool, accelerating re-skilling programmes through online learning, deploying adjacent-talent skills for on-the-job learning, and providing employees with a holistic experience, among other things.

Our highest priority in the last year has been to retain top talent and incubate them through robust internal training and certification programmes, creating internal cross-functional opportunities and ensuring frequent communication and engagement initiatives to augment the stickiness and belongingness to the organisation. Our vision to diversify our services into adjacencies is a high priority task that will open more opportunities to attract new talent and invite fresh ideas and perspectives to enter the mix.

Being optimistic and finding new opportunities amidst the most difficult times is a lesson learnt during the pandemic. Putting this into practice, we have embraced the ongoing attrition rampage as a challenge and are continuing to explore ways to deal with it in the most positive way creating a better culture for the in-house talent and opening up opportunities to the new talent that is looking forward to coming onboard.

Your revenue saw a significant jump in Q4 YoY, but that was not reflected in the bottom-line. What were the reasons?
It is a universal phenomenon that aggressive growth derails profitability to a marginal extent.

In our case, we have been growing over 2017-20 at an average of about 8%, and stabilizing EBITDA at 15%. However, the pandemic gave us an opportunity to rethink and rebalance our portfolio to make it more balanced and de-risked. Coupled with this, we also commenced our journey of becoming a $500 million company by 2026 effective 2021. This necessitated investment in both building capabilities and sales and marketing infrastructure. Coupled with this, the labor market has been volatile, which needed investment on a continuous basis for retention and rehiring.

All these factors added up for reduction in margin which we expect to neutralize to a greater extent in the coming year.

What are the biggest challenges for the industry and for you in the short to mid-term? Is inflation and the rising dollar likely to hit your business?

The entire software industry is going through a talent crunch and Cigniti is not an exception. We have mitigated these risks through several strategic interventions such as focusing on boarding more freshers from colleges and training them. We are also investing on upskilling our talent pool through a well-defined L&D roadmap.

Cigniti’s 85% of revenues come from North America and the dollar variation is not a concern as we have a natural hedge by way of expenditure being spent at onsite. Inflation is a nominal worry and constant in any business and we shall deal with this appropriately.

What is the outlook for next one year? What kind of revenue growth are you expecting going ahead?

Cigniti is the world's leading digital assurance and quality engineering services company. The digital assurance market in particular (as per various sources) is witnessing an explosive growth rate. And there is an increased demand from global companies for a specialist in digital assurance solutions.

The board recently approved the acquisition of Aparaa Digital (RoundSqr) a specialist in AI/ML, data and blockchain engineering services. This acquisition would strengthen Cigniti’s digital ambitions and help offer digital engineering services to its clients. We have a journey to be $500-million company by 2026 and this involves both organic and inorganic growth. Considering the blueprint and current scenario, though we do not give guidance, we are confident of growing organically at high teens.

Cigniti CFO in Conversation with Nirmal Bang on Q4 &FY2022 Results

Krishnan Venkatachary, CFO, Cigniti Technologies, shares his views on the earnings review of Q4 FY2022. He discusses Cigniti's strategic roadmap that focuses more on high revenue growth while implementing measures to mitigate expenses. He also shed light on the priority industries and outlook of the company through the coming years.

Cigniti Technologies to Acquire Aparaa Digital (RoundSqr), an AI/ML, Data Analytics, and Blockchain Engineering Services Company.

Acquisition strengthens Cigniti’s digital ambitions and helps offer digital engineering services to its customers across the globe

4th May, Hyderabad, India: Cigniti Technologies, world’s leading digital assurance and quality engineering services company, is set to acquire Aparaa Digital, a leading AI/ML, Data engineering, Analytics, and Blockchain services company that operates under the brand name RoundSqr. This is a firm step towards bolstering Cigniti’s strategic pursuit of becoming a specialized digital engineering and assurance services provider.

Founded by a group of industry leaders with extensive experience in managing medium to large digital transformation projects, Aparaa Digital (RoundSqr) is headquartered out of Hyderabad, India. Aparaa brings integrated enterprise digital transformation and consulting-driven expertise covering a gamut of AI and ML, data engineering, and Blockchain capabilities. RoundSqr’s Zastra, (an active learning-AI based data annotation and MLOps platform), helps solve critical model validation challenges as ML models get to production in enterprises. This helps move past the last mile AI operational challenges with MLOps.

Cigniti Wins a $10Mn+ ACV Deal from a US-based Financial Institution to Assure its Digital Transformation

One of the largest deals Cigniti has won, which has a high potential to grow in the coming years.

Hyderabad, India: Cigniti Technologies has signed a $ 10Mn+ worth ACV deal with one of the largest and oldest Financial Services and Investment firm in the USA to assure and accelerate its digital transformation journey. The deal has potential to immensely grow in the coming years. Cigniti Technologies, a global leader in providing AI-driven, IP-led, strategic digital assurance, software quality engineering, automation, testing, and consulting services, helps global companies to go Digital-First.

  • This Strategic Partnership will support Legacy Transformation using Cigniti’s Advisory & Transformation Services (ATS) and achieve committed ROI and quicker time-to-market.
  • The engagement entrusted by the financial services major covers a gamut of services to be provided spanning Infrastructure Automation, Chaos Engineering, Security, and Performance assurance services leveraging Cigniti’s Digital Assurance and IP led Quality Engineering services with massive automation capabilities.

The client is a Fortune 500 company with operations in 20+ U.S. states as well as offices in three continents.

Speaking on the occasion, Srikanth Chakkilam, CEO, Cigniti Technologies, said “We are excited to be a strategic digital transformation assurance partner with this leading financial services firm. The deal is an outcome of deep-rooted expertise of a domain-led, automation-led, and solution-led approach, encompassing functional, process, business, and digital assurance services for large enterprise customers. This is also a testament of our ability to win large deals. It further improves our BFSI revenues which are already contributing 19.23% of total revenues.”

“Our continuous investments into our domain centers of excellence, particularly with the 300+ experts in the Financial services COE, and in our IP, BlueSwan™ to enhance its capabilities, to create new IP-based solutions, such as AI-led test data management, no-code & low-code automation, test environment management, and security engineering, are increasingly becoming a strong differentiator for winning large-sized deals with companies across the globe,” Srikanth added.

“We promise frictionless end user experiences with our Digital-Assurance services stack. We enable our customers to tread confidently on their digital transformation journeys, help them re-imagine their businesses, achieve market leadership, and win the digital landscape”, he added.

Cigniti CEO in Conversation With Dalal Street Investment Journal on 5G-Enabled Industries and Cigniti’s Strategic Outlook

Dalal Street Investment Journal, 25 Mar 2022

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5G-enabled industries have the potential to drive and define the next decade of innovation, believes Srikanth Chakkilam, CEO and Non-Executive Director, Cigniti Technologies Ltd

Can you share your insights on how 5G technology will be essential in the post-pandemic world?
As software continues to be the critical component of every business, connectivity to the digital superhighway is imminent. 5G technology makes this possible. It has the potential that we have already experienced that can significantly re-shape human life, not just business. AI-led robotic surgeries which are video streamed, annotated and guided are today possible with 5G enabled ecosystems. There cannot be a better use case than the above to signify how 5G is impacting the human generation in this pandemic period and beyond. The pandemic has reshaped our daily lives, as well as the way business activities, are being conducted.

For example, pandemic restrictions forced many factories and industrial plants to close, disrupting production lines and supply chains. Covid-19 accelerated the demand for connectivity with consumers and professionals today are relying on high-quality and high-speed internet performance more than ever. 5G-enabled industries have the potential to help drive sustainable economic growth and define the next decade of innovation. Remote-controlled machines that communicate over 5G have suddenly became vital – they allowed human operators to steer drones, cranes and other industrial equipment with greater precision, speed and efficiency without having to be on site.

Cigniti’s Digital Assurance Leadership capabilities recognized

NelsonHall positions Cigniti as a Leader in AI & Cognitive Testing, Quality Engineering, Continuous Testing and Application Security Testing in NEAT 2022

High Achiever in Cloud Migration Testing and Major Player in UX testing.

Dallas, TX, 9th March, 2022 – Cigniti Technologies, a global leader in providing AI-driven, IP-led, digital assurance, software quality engineering, testing and consulting services, today announced that NelsonHall has recognized Cigniti as a market leader in AI & Cognitive, Application Security Testing, Continuous Testing & overall Quality Engineering, as a High Achiever in Cloud Migration, and as a Major Player in UX testing in the Quality Engineering NEAT charts.

Speaking on the occasion, Srikanth Chakkilam, CEO – Cigniti Technologies, said, “This recognition reaffirms Cigniti’s stated goal of helping global companies become digital-first. Businesses are significantly increasing their spends towards Digital reimagination and Platformization journeys, investing in AI & Analytics, Hyper Automation, DevOps, Cloud migration, Customer experience, IOT and Quality Engineering. Digital Assurance, Business Assurance, Process Assurance and Functional Assurance are critical. They ensure that modern, secure, robust, reliable, scalable, and intuitive software becomes a strategic business enabler for digital transformation programs to be successful.”

Cigniti Technologies Appoints Software Industry Leaders Vinay Rawat as CRO; Sairam Vedam as CMO

Company strengthens the leadership team to accelerate the next phase of growth.

Hyderabad, India: Cigniti Technologies, a global leader in providing AI driven, IP-led, digital assurance, software quality engineering, testing and consulting services company, announced the appointment of veteran IT and product engineering industry business leader, Vinay Rawat as Chief Revenue Officer and Sairam Vedam, an award-winning expert in global marketing, branding, corporate strategy and digital industry thought leader, as its Chief Marketing Officer.

Vinay has had an illustrious career as the CRO and Head of M&A at Infogain. At Wipro, as the SVP & Global Head - Network Equipment & Consumer Electronics BU, he was responsible for all aspects of the business of multi hundred-million-dollars.

Sairam is an accomplished marketing and strategy leader with proven expertise in creating brands of global repute in the enterprise software products and services space. Prior to Cigniti, he was the CMO for Innominds, and Kore.AI, driving them to market leadership in the digital product engineering and Enterprise Conversational AI platform space.  Sairam has also worked with Pramati, Apere, CTO’s office at CA Technologies and HCL Technologies across roles spanning engineering, delivery, marketing, and HR. He was awarded by BBC Knowledge Series as one of the Greatest Marketing Influencers in 2017.

Speaking on the occasion, Srikanth Chakkilam, CEO – Cigniti Technologies, said, “I am excited to welcome Vinay Rawat and Sairam Vedam into two key positions of Cigniti. Together, they will work towards achieving Cigniti’s stated goal of helping global companies become digital-first. Cigniti is in a unique position to leverage its deep-rooted expertise of helping enterprises accelerate the digital transformation initiatives through world-class digital assurance and engineering services. The experience that both these leaders bring on board in working with digital and product engineering, AI platform companies would help in accelerating our next phase of growth.”

“Vinay brings extensive experience in general management and especially in sales and business development, creative deal making, outsourcing, process design and operations management.

Based out of the US, as the CRO, Vinay will focus on identifying new revenue opportunities and pioneer new markets for the company. He will work closely with Chairman & MD, CEO and Board of directors and would develop growth strategies, new offerings and opportunities.” he added.

Speaking about Sairam, Srikanth said, “Sairam who has joined us back at Cigniti will oversee the planning and execution of the organization’s strategic marketing programs, work on developing the long term charter towards our digital play, and will enhance Cigniti’s mindshare as a preferred Digital services provider and thought leader amongst across our customers, partners, analysts, media, investors, influencers and employees. In his prior stint with us he drove the 360-degree marketing function building it from the scratch, managing the global brand footprint, and has a complete understanding of our culture and vision,” he added.

“As a digital industry and product engineering leader I have always believed that Digital Assurance is extremely important for any digital transformation program’s success. Some of the largest enterprises today rely on Cigniti’s digital assurance services to achieve growth and meet their digital transformation agenda.  Hence, I am excited and look forward to helping Cigniti further scale the business, participate more deeply in our customer’s digital journeys & contribute towards achieving Cigniti’s vision of helping customers become digital-first through quality software,” said Vinay Rawat.

“Cigniti’s proprietary platform led approach, its proven ability to deliver transformative digital experiences through a confluence of market-leading full-cycle digital assurance and automation services with a strong foundation of more than a decade in consistently serving 200+ market-leading organizations as customers across the world is more apt than ever before. The bedrock of becoming digital-first in modern day business is ensuring impeccable digital experiences and customers today are looking to leverage this expertise further. I am excited to join back Cigniti as our next-gen offerings and services gear up to ride this unparalleled wave of growth.” said Sairam Vedam.

About Cigniti
Cigniti Technologies Limited (NSE: CIGNITITEC, BSE: 534758), a global leader in providing IP-led, strategic digital assurance, software quality engineering, testing and consulting services, is headquartered in Hyderabad, India, with offices in USA, U.K., UAE, Australia, Czech Republic and Singapore. Leading global enterprises including Fortune 500 & Global 2000, trust us to accelerate their digital transformation, continuously expand their digital horizons and assure their digital next. We bring the power of AI into Agile and DevOps and offer digital services encompassing intelligent automation, big data analytics, cloud migration assurance, 5G Assurance, Customer experience assurance and much more. Our IP, next-gen quality engineering platform, BlueSwan helps assure digital next by predicting and preventing unanticipated application failures, thereby assisting our clients in accelerating their adoption of digital.

Contact:
Midhun Pingili, Director, Marketing | Midhun.pingili@cigniti.com | www.cigniti.com

Cigniti Technologies Q3FY22 Revenue

Mumbai, January 28, 2022: Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended December 31, 2021.

The company’s reported Net Profit for Q3FY22 stood at Rs 26.55 crore as against Net Profit of Rs 22.17 crore in Q2FY22.

The Company’s Consolidated Revenue from operations for the quarter under consideration stood at Rs 325.46 crore as against Rs 307.90 crore in Q2FY22.

EBIDTA for the December quarter was at Rs 40.44 crore and EBIDTA margin stood at 12.4 %.

Other income includes net foreign exchange loss of Rs. 0.70 Cr. for the quarter ended December 31, 2021.

Cigniti Unveils Incight – A Customer Experience Assurance Platform

Dallas, USA: Cigniti Technologies, world’s leading Independent Quality Engineering & Software Testing Services company, headquartered in Dallas, Texas expands its portfolio of digital assurance and experience solutions with the launch of their Customer Experience Assurance (CXA) Platform, Incight, that provides early and live experience insights, thereby enabling enterprises to achieve their Digital Transformation goals.

The competition to woo a customer has never been as fierce as in today’s digital age. Therefore, monitoring, identifying, and providing the best digital customer experience (CX) assurance has become pivotal for organizations. Being able to leverage real-time information across multiple digital touchpoints of the user’s sentiment and overall experience can help organizations provide a higher level of customer experience assurance. This, in turn, helps them build a successful brand story to stay ahead of the competition.

Cigniti is known for its IP-led solutions that focus on providing customer experience assurance, such as Customer Experience Sentiment Analyzer (CESA) from BlueSwan™ that identifies, categorizes and analyzes feedback expressed by end-users for a given product or service. The first-of-its-kind Customer Experience Assurance (CXA) platform, Incight, enables Product, Marketing, and CX leaders to analyze, predict and tailor the user experience of mobile applications leveraging the underlying AI and analytics platform capabilities in real-time. Cigniti’s CXA platform provides a 360-degree view that enables enterprises to proactively identify issues and make the necessary enhancements to their applications before the customers decide to drift away from the brand.

Speaking on the occasion, Srikanth Chakkilam, CEO, Cigniti Technologies said “Per Forrester, brands that have superior customer experience bring in 5.7 times more revenue than their competitors. Incight has been built keeping customer-centricity in mind and ensures you can gain real-time insight into what your customers need, even before they ask for it, thereby helping you deliver world class customer experience.”

‘Incight’ is available for immediate use on incight.ai with a 7-day no obligation free trial period.

Contact:
Midhun Pingili, Director, Marketing | Midhun.pingili@cigniti.com | www.cigniti.com

Cigniti Enhances its 5G Assurance focus with innovate5G Partnership

30th November 2021, Dallas: Cigniti Technologies, a global leader in independent quality engineering and software testing services, expands its portfolio of pioneering innovative digital assurance and experience solutions for next generation 5G technologies by forming a strategic partnership with innovate5G.

As companies move to 5G, they are going to be challenged in optimizing for the plethora of possibilities that 5G has to offer and with that, customer expectations and demand for new services will increase at a rapid pace. So, whether it be enhanced video, telehealth, adaptive manufacturing, AR/VR, gaming, consumer IoT services, connected vehicles, to name just a few, the pivot to the 5G paradigm will be significant as will the manner in which these new solutions are rolled out.

Cigniti Technologies supports Belagavi Institute of Medical Sciences (BIMS) Karnataka with medical equipment

Belagavi, 1st December, 2021: The ICU unit at Belagavi Institute of Medical Sciences has been renovated by bringing in new medical equipment with the support of Cigniti Technologies. Inauguration of the ICU happened in the virtual presence of Mr. Paul Trotter, Dy. CTO at Atom, Mr. Srikanth Chakkilam, CEO at Cigniti Technologies and Mr. Krishnan Venkatachary, CFO at Cigniti. Dr. Viveki, Director, BIMS, and Mr. Mayur Patnala, Founder and CEO, Nirmaan Organization have graced the occasion at the Hospital.

Cigniti Technologies, the world’s leading independent Quality Engineering and Software Testing services company, partnered with the Nirmaan Organization to provide medical equipment to the ICU ward of Belagavi Institute of Medical Sciences (BIMS) in the Belagavi district of Karnataka. Cigniti donated ECG machines, oxygen cylinders, X-ray machines, air conditioners for the ICU ward, computers for the hospital staff, crash carts, ICU medical trolleys, surgical trolleys, suction apparatus, NIV masks, and other medical equipment to the hospital to support India's fight against COVID-19.

"As a socially responsible organization, we’re committed to supporting India's recovery from the COVID-19 second wave. We are happy to be a part of this project to improve Karnataka's medical infrastructure, which will help rural residents get better healthcare during and after the pandemic." Srikanth Chakkilam, Chief Executive Officer of Cigniti Technologies, stated on the occasion.

"We thank Cigniti and Nirmaan for supporting BIMS Belagavi with crucial ICU medical equipment. The much-needed oxygen cylinders and NIV masks will help the hospital supplement their oxygen supplies and prepare for future emergencies." Dr. Viveki, Director, BIMS.

Shri. Mayur Patnala, Founder and CEO of the implementation partner, Nirmaan Organization, thanked Srikanth Chakkilam, Dr. Viveki, and the District Collector for supporting the program.

About Cigniti: Cigniti Technologies Limited (NSE: CIGNITITEC, BSE: 534758), global leader in providing IP-led, strategic digital assurance, software quality engineering, testing and consulting services, is headquartered in Hyderabad, India, with offices in USA, U.K., UAE, Australia, Czech Republic and Singapore. Leading global enterprises including Fortune 500 & Global 2000, trust us to accelerate their digital transformation, continuously expand their digital horizons and assure their digital next. We bring the power of AI into Agile and DevOps and offer digital services encompassing intelligent automation, big data analytics, cloud migration assurance, 5G Assurance, Customer experience assurance and much more. Our IP, next-gen quality engineering platform, BlueSwan helps assure digital next by predicting and preventing unanticipated application failures, thereby assisting our clients in accelerating their adoption of digital.

About Nirmaan: Nirmaan is an NGO founded in 2005 by a group of BITS Pilani students with the goal of creating a knowledge-driven and economically empowered society. Nirmaan works in the areas of education, livelihood, and social leadership. In the last 16 years of their journey, Nirmaan has impacted 16 lakh lives of children, youth, women, and farmers across 15 states of India by partnering with 75+ corporate and government institutions.

During the COVID-19 pandemic, Nirmaan has supported many government hospitals and frontline health workers by donating ICU beds, isolation beds, ventilators, PPE kits, masks, sanitizers, ration, and livelihood kits, etc. So far, Nirmaan has helped 44 government hospitals in Telangana set up and upgrade ICU wards, as well as 20 government hospitals in Karnataka and 34 government hospitals in Andhra Pradesh with the help of corporate partners.

Access the full coverage here

Contact
Midhun Pingili, Director, Marketing | Midhun.pingili@cigniti.com | www.cigniti.com

Cigniti Recognized as Market Leader in Continuous Testing Specialists for the US by ISG

Dallas, TX, 27th Oct, 2021 - Cigniti Technologies has been recognized as a market leader in continuous testing specialists for the US by Information Services Group (ISG), in its ISG Provider Lens™ Next-Gen Application Development and Maintenance (ADM) Services report.

Speaking on the occasion, Srikanth Chakkilam, CEO, Cigniti Technologies, said, “Cigniti is a leading Digital Assurance company that enables global enterprises to accelerate their digital transformation and continuously achieve their digital next. We continue to significantly invest in our IP, BlueSwan™ and enhance its capabilities, to create new IP-based solutions, such as AI-led test data management, test environment management, and security engineering. We have enriched Verita and Velocita with AI-based analytics use cases which are helping our enterprise clients to achieve significant acceleration in their org-wide test automation initiatives. Cigniti’s AI-based script-less test automation platform – iNSta – enables building of production grade test automation suites. The test execution engine integrates with the latest CI/CD tools and cloud (Sauce Labs, Browser Stack) infrastructure to support continuous testing, leading to reduced cost of quality, and improved productivity, stability, & reliability.”

Cigniti Technologies Q2FY22 Revenue

Hyderabad/Mumbai, October 21, 2021: Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended September 30, 2021.

The Company’s Consolidated Revenue from operations for the quarter under consideration grew by 16.5% to Rs. 307.90 crore as against Rs. 264.36 crore in Q1FY22.

The company’s Net Profit for Q2FY22 stood at Rs 22.17 crore as against Net Profit of Rs 20.42 crore in Q1FY22.

Reported EBIDTA for the September quarter was at Rs 31.92 crore and EBIDTA margin stood at 10.4%.

During the current quarter and six-month period ended September 30,2021, the Company has written off export incentives amounting to Rs. 9.74 crore pertaining to the financial year 2019-2020, pursuant to notification no. 29/2015-2020 dated September 23, 2021, issued by Ministry of Commerce & Industry. The Operational EBITDA margin would have been 13.5 percent if the export incentives had not been written off.

Other income includes net foreign exchange gain of Rs. 1.87 Cr. for the quarter ended September 30, 2021.

Cigniti expands its global footprint in Central Europe with opening of an office in Czech Republic

Prague, 8th Sep 2021: Cigniti Technologies, world’s leading Independent Quality Engineering & Software Testing Services company, announced the opening of their office in Prague, Czech Republic. With this new expansion, Cigniti further extends its global footprint in the European region to meet the growing digital transformation needs of leading enterprises based in the region. Cigniti is currently serving enterprises from eight countries in the Europe and the U.K.

“Being the best country for business in Central and Eastern Europe (CEE), with rich scientific tradition, incredible talent pool, and well developed R&D infrastructure that supports business’s ecosystem, Czech Republic was a natural choice for us as we looked at expanding our presence in the Europe region,” said Srikanth Chakkilam, CEO, Cigniti.

“This new office will enable us to be more agile and responsive towards the needs of our existing clients in the region and serve them from close proximity. This will also be the nearshore delivery centre for our clients in the UK & EU and tap into the rich talent pool available locally” said Nanda Padmaraju, Cigniti’s head of RoW business.

Cigniti Technologies to host Cignithon – a Global Testing Hackathon

Mumbai, September 03, 2021- Cigniti Technologies, the world’s leading independent Quality Engineering & Software Testing services company is hosting Cignithon, an annual global software testing hackathon on September 4, 2021, virtually from 10 AM IST to 9 PM IST on 5th September 2021.

Cignithon is a platform for testers to compete globally and test live products for Functionality, UI, and Security, as well as to test applications from different domains and tech stacks. It is a great platform that enables participants to network and interact with professionals from the same community and share their ideas.

Cigniti Recognized as Strong Performer in Continuous Automation and Testing Services Report by Independent Research Firm

According to the report, Cigniti Technologies is one of the top three pure play Continuous Automation and Testing (CAT) services providers, focused on Agile, DevOps, and RPA services.

DALLAS August 11, 2021 - Cigniti Technologies, world’s leading Independent Quality Engineering & Software Testing services company that brings the power of AI into Agile and DevOps to accelerate enterprise digital transformation, today announced that Forrester Research has recognized Cigniti as a Strong Performer in The Forrester Wave™: Continuous Automation and Testing Services, Q3 2021 evaluation.

Cigniti Technologies Q1FY22 Revenue

Mumbai, July 23, 2021: Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended June 30, 2021.

The Company’s Consolidated Revenue from operations for the quarter under consideration grew by 13.4% to Rs. 264.36 crore as against Rs. 233.02 crore in Q4FY21.

The company’s Net Profit for Q1FY22 stood at Rs 20.42 crore as against Net Profit of Rs 24.67 crore in Q4FY21.

EBIDTA for the June quarter was at Rs 24.31 crore and EBIDTA margin stood at 9.2%.

Other income includes Net foreign exchange gain of Rs. 0.27 Cr. for the quarter ended June 30, 2021.

During the current quarter, the Group has invested in additional manpower in line with its business transformation initiatives which has affected the current quarter profitability. The addition in manpower has reduced the offshore utilization and expected to yield revenue in the coming quarter

Cigniti Expands Its Global Footprint with Opening of an Office in Singapore

Singapore, July 1, 2021: Cigniti Technologies, world’s leading Independent Quality Engineering & Software Testing Services company, today announced the opening of their first office in Singapore. With this new expansion, Cigniti further extends its global footprint in the Asia Pacific region to meet the growing digital transformation needs of leading enterprises based in the region.

“Cigniti is recognised globally for its innovative approach to assisting enterprises in their Quality Engineering and Digital transformation initiatives leveraging proprietary IP, AI & ML driven frameworks and highly agile & DevOps development methodologies. As more and more enterprises in the Asia Pacific region look towards aligning their transformation roadmaps to leverage the benefits of next-generation technologies such as RPA, Automation, AI, Cloud and IoT, Cigniti is committed to providing customers with the insights, advisory and services they need to accelerate their digital and business transformation, and drive higher ROI from their QA initiatives”, said Nanda Padmaraju, Cigniti’s head of RoW business. “This is a key milestone for us and we are keen on investing in the region, leverage the diverse hi-tech talent available locally and help towards further strengthening the QA community in the region”, he added.

“As we looked at expanding our presence in Asia Pacific, Singapore was a natural choice as it is a global business hub, with great connectivity, technologically sophisticated infrastructure, and overall a very supportive business ecosystem and government,” said Srikanth Chakkilam, CEO, Cigniti.

We already are working with several leading enterprises in Singapore as their strategic quality engineering partner, and our new office in the heart of Singapore will enable us to be more agile and responsive to the needs of our clients in the region and serve them better.

Cigniti Technologies Q4FY21 Revenue

Hyderabad, April 29, 2021: Cigniti Technologies Limited, a global leader in independent quality engineering and software testing services, announced the consolidated financial results for the quarter ended March 31, 2021.

The company’s reported Net Profit for Q4FY21 stood at Rs 24.67 crore as against Net Profit of Rs 26.35 crore in Q3FY21.

The Company’s Consolidated Revenue from operations for the quarter under consideration stood at Rs 233.02 crore as against Rs 223.90 crore in Q3FY21.

EBIDTA for the March quarter was at Rs 33.25 crore and EBIDTA margin stood at 14.3%.

In Q4FY21 the Board of Directors recommended dividend of Rs. 2.50/- per share on face value of Rs. 10/- each, subjected to the approval of shareholders in the Annual General Meeting of the Company.