15. Cognizant Technology Solutions

Even with more than 43,000 employees, Cognizant Technology Solutions is only the fifth-largest of the Indian infotech outsourcing firms. Yet it consistently racks up better growth rates than its larger rivals. In the first quarter, for instance, its revenue increased to $460.3 million, up 61% from the year-ago quarter. It has outperformed its peers because it has deftly targeted a handful of industry segments where demand for offshore outsourcing is strongest, including financial services, health care, and pharmaceuticals. Though Cognizant is headquartered in Teaneck, New Jersey, 75% of its employees are in India. There, a dark cloud hovers over Cognizant as it does for other Indian IT service outfits: Wage inflation and the appreciation of the Indian rupee are making Indian labor more expensive. Cognizant's response is to restrain hiring a bit. Newly promoted Chief Executive Francisco D'Souza had planned on hiring more than 17,000 people this year, but he has cut that total by 1,000.