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MEDIA RELEASE

Story in 'The Economic Times of India' without foundation

20 April 2009

The story in The Economic Times of India, 20 April, "Cognizant in talks to buy UK firm PA Consulting" -- which has also appeared in a range of other publications -- is without foundation and factually inaccurate from beginning to end.

For the record:

  • PA's Executive team and Board are not, nor have ever been, in talks with Cognizant about anything whatsoever. There is no truth at all in the allegation of an acquisition of PA, nor any part of PA; nor in the possibility of alliances, partnerships or the like.
  • The story contains incorrect information about PA, from our operational performance (we suspect that the article uses the results from one of our many subsidiaries, rather than our overall results), to the valuation of our firm, to the date of our foundation, and even how the firm's name is spelled.

PA is a highly successful employee-owned global management and technology consulting firm, working across the world with major companies in the private and public sectors. We are one of the largest and most influential sourcing advisory firms and we take very seriously our ability to give our clients independent advice. The emphasis we place on this independence is one reason why we would not pursue an alliance with Cognizant.

PA is seeking advice about the highly inaccurate financial performance information given in the article, particularly as it understates PA's financial performance and is in direct conflict with our audited information. The correct information is publicly available and contained in our annual reports at www.paconsulting.com.

In 2009, PA continues to build on our 2008 performance, where we achieved our best year ever in terms of revenue, profit and margin.

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