Cognizant to Invest $183 Million in New India Campus, Creating 8,000 Jobs

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Software services company Cognizant Technology Solutions announced plans to invest approximately 15.82 billion rupees ($182.76 million) to build a new campus in Vishakhapatnam, a city in southern India. The project is expected to generate about 8,000 jobs, with commercial operations scheduled to start in March 2029, according to an Andhra Pradesh government press release.

Cognizant did not immediately respond to requests for comment. This announcement follows a similar move by India’s leading IT firm, Tata Consultancy Services (TCS), which recently revealed plans to develop a 13.7 billion rupee campus in the same city, projected to create 12,000 jobs.

The investment aligns with Cognizant’s strategy to optimize real estate costs by shifting focus from India’s major metropolitan areas to tier-2 cities. CEO Ravi Kumar S highlighted in May 2023 that the company intends to reduce its global office space by 11 million square feet, mainly in large Indian cities, while investing more in smaller urban centers.

India’s $283 billion IT sector is currently adopting cost-saving measures, including monetizing real estate and delaying wage hikes, amid uncertain demand. Despite this, Cognizant recently raised its annual revenue forecast after exceeding first-quarter expectations, fueled by growing demand for AI-powered IT services.

The company now expects its 2025 revenue to range between $20.5 billion and $21 billion, up from its previous midpoint forecast of $20.3 billion to $20.8 billion.

Travel Tech Firm Navan Confidentially Files for U.S. IPO

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Navan, a corporate travel and expense management company based in Palo Alto, California, announced on Friday that it has confidentially filed for a U.S. initial public offering (IPO). The company has not yet disclosed the terms of the offering.

Backed by investors including Andreessen Horowitz and Lightspeed, Navan raised $304 million in equity and structured debt financing in 2022, when it was valued at $9.2 billion. The filing comes amid renewed optimism in the U.S. IPO market, which has seen a resurgence after a slow start to 2025.

Recent IPO successes in the technology and finance sectors, such as space and defense tech company Voyager Technologies and advertising technology firm MNTN, have helped build momentum. Shares of Chime Financial also surged in a notable New York debut, encouraging upcoming offerings from crypto exchange Gemini and fintech company Klarna.

Matt Kennedy, senior strategist at Renaissance Capital, highlighted growing IPO activity and interest from both institutional investors and traders eager to participate in strong growth opportunities with reasonable valuations.

Founded in 2015 originally as TripActions, Navan began as a corporate travel management platform designed to modernize services traditionally provided by companies like American Express and SAP Concur. It later broadened its offerings to include corporate payments and expense management.

Navan’s client roster includes companies such as Zoom Communications and Lyft, according to its website.

Aflac Investigates Potential Data Breach Following Cyberattack

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Aflac, a health and life insurer, announced on Friday that it is investigating a cyberattack on its U.S. network that may have exposed customers’ personal data. The breach was detected on June 12 and is believed to have been conducted by the cybercrime group Scattered Spider, known for targeting multiple companies in the same industry through coordinated waves of attacks.

Scattered Spider, active since May 2022, is notorious for using identity-based tactics such as scamming help desks to reset credentials and bypass multi-factor authentication. This group has been linked to recent service disruptions at Philadelphia Insurance Companies and Erie Indemnity.

Aflac’s investigation is still in the early stages, and the insurer has not disclosed the number of affected customers or the timeline for completing the review. The company handles personal, medical, and financial data of over 50 million policyholders in the U.S. and Japan, including accident and pet insurance customers.

The attack potentially exposed sensitive information, including social security numbers and health details. Aflac reported that it stopped the intrusion within hours and has engaged third-party cybersecurity experts to assist with the investigation. Despite the breach, Aflac stated that it continues to operate normally while addressing the incident.

This attack follows a wave of cyber threats in the healthcare and insurance sectors, including a major breach last year of UnitedHealth’s Change unit by the hacking group ALPHV, also known as BlackCat.