NEW YORK (TheStreet) -- "We had a great quarter," Gordon Coburn, president of Cognizant Technology Solutions (CTSH) , said of the company's top and bottom line earnings beat. 

Shares of Cognizant climbed 8% on Wednesday as a result and are now up 18% in the past month. It didn't hurt that the company grew revenue 11.7% in the third quarter and provided better-than-expected fourth-quarter guidance. 

The company experienced strength in all of its business segments, Coburn said, which ranges from health care and insurance, to financial services and entertainment and media. 

There is a fundamental change happening with health care companies, he explained. They need to be more efficient and react quicker to customers' needs. 

"We're placing some big bets" in that sector, Coburn added, which is evident by the company's recent acquisition of TriZetto, the leading platform in health care administration. 

CTSH Chart
Cognizant Technology Solutions CTSH data by YCharts

The company also recently struck a deal with Health Net. Cognizant will take over responsibility of the company's back office operations, Coburn said, which will help Health Net reduce expenses and boost productivity. 

These "win win" scenarios are becoming more abundant in the health care industry, he said. IT spending is also benefitting Cognizant, after the company has spent years investing in that segment of its business. 

Companies are looking to do two things at once, he said, that being to reduce IT costs, as well as improve innovation in order to drive top line growth. Cognizant is able to help these companies accomplish that task, at a price of course. 

"IT spending is alive and well," Coburn concluded. 

-- Written by Bret Kenwell

Follow @BretKenwell

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