(Bloomberg) — Activist investor Mantle Ridge has built a stake of more than $1 billion in the technology services firm Cognizant Technology Solutions Corp., according to a person familiar with the matter.
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Mantle Ridge, which isn’t planning to nominate directors to Cognizant’s board, is pushing the company to improve its margins, said the person, who asked not to be identified because the information wasn’t public.
Representatives for New Jersey-based Cognizant didn’t immediately respond to requests for comment on Mantle Ridge’s stake, which was reported earlier by the Wall Street Journal. A spokesperson for Mantle Ridge declined to comment.
Shares of Cognizant, which had gained 7.4% in the past year, rose 5.1% in late trading in New York. They closed regular trading earlier Friday at $83.23, giving the company a market value of about $41 billion.
–With assistance from Brody Ford.
(Updates with details in second paragraph)
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