And you guess who that is. It's Cognizant. Cognizant had $4.59 billion in annual revenue for 2010 and reported a $1.37 billion quarter (ending March, 11) with profit of $208.3 million. Cognizant is projecting revenues of at least $5.925 billion for this year and has given a guidance of $1.45 billion for next quarter which will see it surpass Wipro, India's third biggest software exporter.

Cognizant overtakes Infy in North America

While Cognizant is set to overtake Wipro in terms of revenue in the June quarter, it has already overtaken Infosys in the North American market.

In the March 2011 quarter, Infosys' revenue from North America stood at $1,020.5 million while Cognizant's revenue from the same geography touched $1,070 million. Infosys' revenue from North America actually dropped during March FY11 quarter compared with December FY11 quarter when it was $1,025.5 million.

Cognizant has been closing the gap consistently with Infosys in the NA territory. The difference in revenues in March 2009 quarter, with Infosys leading, was $130.4 million. It came down to $101 million in March 2010 quarter. In March 2011 quarter, Cognizant overtook Infosys, exceeding its revenue by $49.5 million.