News

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, Zastra^TM, 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, Zastra^TM 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”

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.

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.

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.

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."

Hyderabad, June 23^rd, 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.

iNSta^TM, 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 14^th, 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 21^st Annual American Business Awards^® for its AI-powered scriptless test automation platform, iNSta^TM (part of BlueSwan^TM suite) next-generation software testing platform.

Cigniti’s iNSta^TM 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 13^th June 2023.

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.

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.

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.

In Q4FY23, the consolidated revenue from operations increased more than 23 percent from last year's same quarter, while the net profit of the company zoomed more than 117 percent. What were the contributing factors behind the impressive results?

Our niche positioning and unwavering execution were pivotal in our outstanding performance. We steadfastly focused on our existing Fortune 500 and Global 2000 clients, skilfully up-selling and cross-selling our services.

Hyderabad, India, 11^th May 2023 - Cigniti Technologies, the world’s leading AI & IP-led Digital Assurance and Digital Engineering services company, has been recognized as a great place to work in India for the second year in a row by the Great Place To Work^® India. Cigniti's ethical work culture and humanity-first approach, which inspires innovation and opportunities, helped the organization secure this placement.

As the global authority on workplace culture, Great Place To Work brings 30 years of groundbreaking research and data to help every place become a great place to work for all. Their proprietary platform and For All™ Model helps companies evaluate the experience of every employee, with exemplary workplaces becoming Great Place To Work Certified™ or receiving recognition on a coveted Best Workplaces™ List.

Speaking on the occasion, Srikanth Chakkilam, CEO at Cigniti Technologies said, “We are honored to receive the Great Place To Work Certification™ for the second consecutive year. This is in line with our mission to become a Top 10 place to work in key geographies by 2028. With a team of over 4,200 professionals across the globe, Cigniti has grown into a widely respected organization that is inclusive, nurtures innovation, and creates opportunities to deliver a positive impact with the work that they do. This recognition will further affirm our position as an organization with digital future-ready talent. We will continue to aspire to be the iconic workplace of the future by benchmarking ourselves based on industry leaders.”

Consolidated Revenue Rs. 424.97 crores and Net Profit Rs. 49.24 Cr for Q4FY23.
The Board has Recommended a Dividend of Rs. 3 & an Additional Special Dividend of Rs. 2.50 on the Company's Successful Completion of 25 Years.

Consolidated Financial Performance for FY23 v/s FY22 (Corresponding Year)

• Revenue of 1647.58 crore v/s. Rs. 1241.80 crore [32.7%]
• Reported EBITDA of Rs 237.70 crore v/s. 129.28 crore [83.9%]
• PAT of 168.32 crore v/s. Rs. 91.74 crore [83.5%]

Consolidated Financial Performance for Q4YF23 v/s Q4FY22 (Corresponding Year)

• Revenue of 424.97 crore v/s. Rs. 344.08 crore [23.5%]
• Reported EBITDA of 68.37 crore v/s. Rs. 32.61 crore [109.6%]
• PAT of 49.24 crore v/s. Rs. 22.60 crore [117.9%]

Consolidated Financial Performance for Q4FY23 v/s Q3FY23 (Corresponding Quarter)

• Revenue of 424.97 crore v/s. Rs. 427.99 crore
• EBITDA reported of 68.37 crore v/s. Rs. 64.02 crore
• PAT of 49.24 crore v/s. Rs. 46.55 crore

Krishnan Venkatachary, CFO of Cigniti Technologies, shares insights on the company’s Q4 and FY2023 financial performance and discusses Cigniti’s outlook for FY 2024 and beyond in a conversation with Nirmal Bang.

Prestigious Global Annual Awards Program Recognizes Standout Digital Health & Medical Technology Products and Companies

Dallas, USA, May 8, 2023 – Cigniti Technologies, the world's leading AI and IP-led Digital Assurance and Digital Engineering services company, today announced that its Internet of Medical Things (IoMT) Digital Quality Engineering Automation framework has won the "Best IoT Healthcare Platform" award in the 7th annual MedTech Breakthrough Awards program. The award program conducted by MedTech Breakthrough, an independent market intelligence organization, recognizes the global health and medical technology market's top companies, technologies, and products.

Cigniti's Internet of Medical Things (IoMT) Digital Quality Engineering Automation framework ensures wearables can predict and customize required medicine intake and deliver with precision while adhering to USFDA regulations. The Software as a Medical Device (SaMD) platform is wholly automated with minimal/no human intervention and capable of performing negative testing to ensure that the wearable delivers the intended results.

On the occasion, Srikanth Chakkilam, CEO of Cigniti Technologies, said, "We are proud to be at the forefront of the rapidly evolving medical devices industry, where IoMT and connected devices are becoming increasingly important. IoMT can reduce cost, mitigate care coordination challenges faced by the healthcare industry, and increase the speed and precision of diagnosis and treatment in real-time. We are excited about the growing market for medical devices, and Cigniti is poised to continue its growth in the space. Winning the "Best IoT Healthcare Platform" is a testament to our expertise in digital assurance for medical devices compliant with FDA regulations."

Sirisha Peyyeti, Senior Vice President of Digital Engineering Services, Cigniti Technologies | Wednesday, 19 April 2023

What inspired or encouraged you to pursue a career in STEM?

Peyyeti: “There are a large number of opportunities for getting into STEM, irrespective of gender. That provided the much-needed initial impetus. But, subsequently, making a career in STEM was mainly due to the interest in the area. Computer programming had caught up and was throwing many challenges that made it an interesting field, and equally important was the fact that this was a field that provided financial stability with a great career path.”

What have you found to be the biggest challenge along the way?

Peyyeti: “Honestly, I am fairly happy with the way my career progressed. But, I would say…………..

In an interview with CNBC Bajar, Krishnan Venkatachary, CFO at Cigniti Technologies discusses the Q4 and FY2023 financial results as well as Cigniti's outlook for FY2024 and beyond.

Friday, 21 April 2023, 4:38 pm IST

The importance of succession planning, the approach of an organization, identifying potential candidates for critical roles, and implementing challenges are some of the key aspects of succession planning.

Highlights

• The organization gives importance to the positions that provide well-rounded exposure to an individual and help develop leadership bench strength.
• From a talent development lens, it is a proactive process to identify and groom high-potential employees and prepare them for future leadership roles.
• Engagement: Critical positions require people with a higher degree of commitment and accountability.