TEANECK, N.J., July 23, 2012 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) today announced that it has been selected by Royal Philips Electronics (NYSE: PHG; Euronext: PHIA), a global leader in healthcare, lighting, and consumer lifestyle solutions, as a strategic partner to drive a broad range of technology-enabled business transformation and growth programs. Under the terms of the multiyear engagement, Cognizant will provide a comprehensive range of consulting and application services globally to help Philips consolidate, rationalize, and enhance its IT landscape for improved operational efficiency, business agility, and governance to deliver superior customer service. Cognizant's engagement will enable Philips to transition the IT organization to a platform and output-based managed services model across multiple business lines and corporate functions, thereby enabling Philips to variablize its cost structure, drive structural savings, and free up resources to create higher value business capabilities. Financial details of the deal were not disclosed. In harmonizing and supporting business processes with scalable, business-aligned technology platforms, Cognizant will help Philips improve the business value of IT, obtain deeper visibility into its demand chain, and respond more effectively to the needs of its markets, businesses, and functions. Real-time insight into business performance and operations will allow Philips to accelerate innovation, time-to-market, and decision-making, and increase local relevance of the product portfolio to gain market share. "Our relationship with Cognizant will allow us to leverage its extensive consulting, domain, and technology capabilities for the business transformation program that forms the cornerstone of our endeavor to drive agility, innovation, and competitiveness," said Jeroen Tas, Executive Vice President and Chief Information Officer at Philips. "In implementing a paradigm shift in our IT delivery model, Cognizant will help create solutions that enable Philips to capitalize on business opportunities, and win in the marketplace. By optimizing the speed, cost, and quality of our value chain, we are confident of further strengthening the trusted Philips brand globally, and delivering ever greater innovation."